US homebuyers and sellers are BOTH retreating from the market: The estimated number of US homebuyers is down to 1,425,100 in November, the 2nd-lowest in at least 12 years. By comparison, the pandemic low was 1,379,487 in April 2020. The number of buyers has been in a clear downtrend since 2021. Meanwhile, the number of sellers is down to 1,954,870, the lowest since February 2025, posting a 6th consecutive monthly decline. As a result, there are now 37.2% more home sellers than buyers, the 4th-highest monthly reading in at least 12 years. By comparison, the gap stood at 36.6% in November 2021, near the market low. Housing activity is freezing up.