The number of estimated homebuyers in the market fell to a record low in July, as purchase demand remains weak in the face of rising mortgage rates and economic uncertainty.
Far more sellers than buyers have been active in the market since late last year, according to Redfin data, pushing the seller-buyer divide to historically wide levels.
That margin widened further to 51.3% in July from 48% the month before, a threshold only surpassed in the listing platform’s records last December, when there were 51.8% more sellers than buyers.
“Buyers are dropping out faster than sellers, giving the buyers who remain more options and more negotiating power,” said Asad Khan, a senior economist at Redfin, explaining the phenomenon in a recent report. Wh...