US Housing Market Sinks to Record Surplus, Impacting Stocks and Bitcoin

The US housing market has reached a record surplus of sellers over buyers, with a gap of 57.9% in August, according to Redfin records going back to 2013.

This means that for every buyer, there are almost six homes on the market, creating a challenging situation for those looking to purchase a home.

The numbers show that there were an estimated 972,300 fewer homebuyers in the market, while sellers have piled into the market, with listings increasing by 3.9% in one month.

Redfin senior economist Asad Khan noted that 'With sellers piling into the market and demand falling flat, today's house hunters can afford to be choosy.'

The divide between seller's markets and buyer's markets is becoming increasingly apparent, with homes in seller's markets gaining 5.5% year over year in August, compared to just 1.6% in buyer's markets.