The pandemic era saw explosive growth in housing demand, driven by low interest rates and increased remote work. However, supply could not keep pace, leading to a 43.2% increase in U.S. home prices from March 2020 to June 2022. As demand cooled with rising mortgage rates and a return to office work, sellers began outnumbering buyers significantly. As of April 2025, there were over 490,000 more sellers than buyers, revealing a shift in market power. Many sellers remain optimistic about home values despite the changing conditions.
For comparison, at the height of the Pandemic Housing Boom in April 2022, there were 436,106 more U.S. homebuyers than home sellers.
Federal Reserve researchers estimate that new construction would have had to increase by roughly 300% to absorb the pandemic-era surge in demand.
The balance of power in the U.S. housing market has shifted toward buyers, but many sellers have yet to accept the writing on the wall.
U.S. home prices rose a staggering 43.2% between March 2020 and June 2022.
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