A Rocket Companies-backed Redfin report found the U.S. housing market was a buyer’s market in January, with an estimated 44% more home sellers than buyers—about 600,000 more sellers—marking the second-largest gap since 2013. The number of buyers fell to a record low 1.36 million, pressured by high home prices, elevated mortgage rates and broader economic uncertainty, while sellers also pulled back slightly. Among major metros, Newark, N.J. was the strongest seller’s market, while Miami led buyer’s markets with sellers outnumbering buyers by 159%.

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