Paradoxes in the US Real Estate Market

VTV.vn - Real estate brokerage firm Redfin believes the current housing market is witnessing the strongest buyer's advantage in over a decade.

A house with a "For Sale" sign in Washington, DC, USA. Photo: THX/VNA.

According to Redfin, in October 2025, the number of sellers is estimated to be about 36.8% higher than the number of buyers. This is the largest difference since data began being recorded in 2013. Redfin defines a "buyer's market" as a market where the number of sellers exceeds the number of buyers by at least 10%. Economists at the company estimate that the last time the market was so strongly skewed towards buyers was in the years following the 2008 financial crisis, when home prices plummeted across the United States.

However, Redfin researchers also note that this is truly only a market for those who can afford it. They say many Americans have been sidelined due to declining affordability. And this is the crux of the matter. Can this really be considered a buyer's market when so many potential buyers still can't afford it and aren't even bothering to look for a home?

According to a new report from the National Association of Realtors (NAR), real estate companies identify housing affordability as the biggest challenge to their business. This factor far outweighs other difficulties, including the cost of operating in the industry. Selma Hepp, chief economist at Cotality, said that potential homebuyers with lower incomes are facing more challenges due to the uncertain job market, slow wage growth, and deteriorating financial conditions.

Meanwhile, according to data from Cotality, although home prices continue to weaken, nationwide prices in September were still 1.2% higher than the same period last year. Notably, current home prices are approximately 50% higher than they were five years ago, before the pandemic.

In addition, mortgage interest rates have fallen from their recent peaks, but are still double what they were in the early years of the pandemic. According to Cotality, cost remains a major barrier to home buying, with around 75 of the top 100 housing markets still considered overvalued.

Although the government shutdown has ended, consumer sentiment regarding home buying has yet to rebound. In its November sentiment survey, the National Association of Home Builders (NAHB) indicated that builders' sales expectations for the next six months have fallen sharply.

Robert Dietz, chief economist at the NAHB, said they continue to see weakness on the demand side. He explained that a cooling labor market coupled with strained consumer finances is contributing to a challenging business environment.

Source: https://vtv.vn/nghich-ly-บน-thi-truong-bat-dong-san-my-100251120165520177.htm