A new report from Redfin found there were 46.5% more sellers than buyers in April, down from 47.5% in March and a recent high of 48.9% in December 2025.
“Homebuyer demand has been dwindling for months, but finally ticked up in April thanks to a strengthening job market and declining recession risk,” said Redfin Senior Economist Asad Khan. “More house hunters entering the market helped narrow the gap between the number of buyers and sellers.”
Buyers Are Returning Faster Than Sellers
An estimated 1 million buyers were active in April, up 2% month over month, the largest increase in 13 months. Seller activity also rose, with roughly 1.5 million sellers in the market, up 1.3% from March.
The faster rebound in buyer activity is what’s driving the narrowing gap.
Redfin noted that some sellers who pulled listings last year are beginning to relist, hoping to capitalize on improving spring demand, contributing to the increase in supply.
Buyer’s Market Still Dominates — But Is Softening
Despite the shift, most markets remain firmly in buyer’s territory. Redfin found that 34 of the 49 largest U.S. metro areas analyzed still qualify as buyer’s markets, defined as having at least 10% more sellers than buyers.
However, 19 of those markets are becoming less favorable for buyers.
West Palm Beach, Fla., saw the biggest change, with the seller-buyer gap narrowing by 10.2 percentage points month over month. Tampa, Indianapolis, Anaheim, and Austin also saw meaningful tightening.
Seller’s Markets Begin To Re-Emerge
At the same time, seller’s markets are slowly making a comeback.
Seven major metros qualified as seller’s markets in April, up from five in March and the highest level in nine months.
Nassau County, N.Y., led the group with 28.4% fewer sellers than buyers, followed by Newark, N.J.; Montgomery County, Pa.; New Brunswick, N.J.; Providence, R.I.; San Francisco; and Milwaukee.
Sun Belt Still Leads In Buyer Leverage
The strongest buyer’s markets remain concentrated in the Sun Belt, where supply continues to outpace demand.
Miami posted the largest imbalance, with 137% more sellers than buyers, followed by Nashville (125%), San Antonio (112%), Houston (108%) and Las Vegas (103%).
Redfin attributed the imbalance in part to pandemic-era migration trends that drove heavy homebuilding in those regions, combined with affordability pressures that have since sidelined many buyers.
What It Means
For LOs, the data signals a market that may be shifting out of its deep freeze, but not evenly.
Buyer activity is improving, which could support purchase volume heading into the summer. But elevated inventory and affordability constraints continue to shape borrower behavior, particularly in high-supply markets.
If demand continues to build, the window of maximum buyer leverage may close faster than expected, potentially tightening timelines and reducing concessions in select markets even while national conditions still favor buyers.
