Home sales crater to 13-year low... and realtors warn the next step is every American's worst fear
Spring is traditionally the hottest time for pending home sales but that's no longer the case in the in the now struggling US housing market.
In 2025, April through June brought the lowest sales in 13 years, according to Redfin.
The once-reliable season fizzled as sky-high mortgage rates, stubbornly elevated prices, and growing economic uncertainty pushed buyers to the sidelines.
'People say price solves everything,' Atlanta real estate veteran Glennda Baker told Bloomberg. 'But price doesn't solve uncertainty.'
She currently has 21 listings — a personal high — is now urging clients to slash prices to sell.
Earlier in the year, analysts hoped the market might rebound as mortgage rates dipped slightly and listing prices softened. But that flicker of optimism has faded.
Hesitant buyers, mounting price cuts, and frustrated sellers have left what agents are now calling a 'paralyzed' market — one that, realtors warn, may only revive if sellers start slashing prices in earnest.
'We thought we hit rock bottom but we keep discovering there's more rock bottom to be had,' said Chen Zhao, head of economics research at Redfin.
Redfin's findings confirm what brokers across the country already know. Lack of showings, showings, weak offers, and growing desperation among sellers is not helping the market.
Some sellers are pulling homes off the market entirely — de-listing their properties because they won't get asking price.
Experts predict it's not going to get batter any time soon.
'The outlook for the housing market is dire,' said Thomas Ryan of Capital Economics. 'Affordability is at its worst since the 1980s. Nothing has changed on that front.'
The market is playing out differently across the country, though.
In the Northeast and Midwest, the scarcity of listings is still keeping home prices high.
But in Sun Belt metros like Florida, Texas and Nevada, inventory keeps piling up and sales are plunging.
Chen Zhao, the head of economics research for Redfin, says 'more rock bottom to be had'
In Las Vegas, active listings have soared more than 38 percent year-over-year, while sales have dropped 15 percent, Redfin reported.
'The fear of missing out has shifted from buyers to sellers,' said Angela O'Hare, a Las Vegas-based agent.
'Sellers who need to sell will make it happen. I had a listing at $950,000. I cut it down to $799,000 and had three offers.'
Some luxury enclaves like Narragansett, RI, are starting to show signs of uncertainty.
'We're seeing a lot more price decreases throughout Rhode Island now,' said Johnny Sheil, of Mott & Chace Sotheby's International Realty. 'Uncertainty scares some people.'
Experts also warn there's little chance of a dramatic turnaround for the remainder of the summer.
Meanwhile, the surplus of homes is so bad in some US metros that it's become a sellers worst nightmare.
In one instance, Cape Coral, Florida, has become a place people are desperately trying to escape, with for sale signs popping up on lawns all over town.
But no one will touch their properties.
Open houses are empty, foreclosure 'boat tours' take locals around to see homes that the bank has repossessed, and half-built homes are left to rot.
'It is one of the worst real estate markets for a seller right now,' local realtor José Echevarria told the Daily Mail.
Prices in Cape Coral have been slashed for more than 50 percent of homes over the past two years - more than any other major metro area in the US, he added.
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