Home sellers were told the market would bounce back once Biden left office.
New Redfin data shows the number of active homebuyers cratered.
And the long tail of Joe Biden's economy just left home sellers drowning in one brutal number.
Redfin Data Shows Buyers Vanishing By the Hundreds of Thousands
The numbers are staggering.
Just 966,752 active buyers remained on the market in July 2026, down 2.5% from June alone, according to Redfin's Buyers vs. Sellers Report released August 13.
Meanwhile 1,462,921 sellers are sitting on homes, down just 0.3% for the month.
That's a seller surplus of 51.3% – nearly 500,000 more sellers than buyers.
Buyers are dropping out faster than sellers can pull their listings.
Thirty-nine of the 50 major metros tracked by Redfin now qualify as buyer's markets.
That's nearly 80% of the country.
Miami leads the pack with a 154% seller surplus.
Nashville and Houston aren't far behind at 151% and 130%.
Only six metros – mostly clustered in the Northeast and Midwest – still favor sellers, led by Nassau County, New York.
Here's the part Democrats don't want you to notice.
Home prices in the remaining seller's markets are still climbing 4.2% year over year, while buyer's markets are only up 2.3%.
Families are being priced out even as demand collapses around them.
Bidenomics Created This Wreckage and the Bill Just Came Due
This didn't happen by accident.
Median home prices have jumped more than 27% since Joe Biden took office, according to Heritage Foundation analysis.
Mortgage rates exploded from 2.8% to 7.2% on his watch.
The monthly payment on a median-priced home more than doubled – from $979 to $2,075.
That's an extra $13,000 a year just to keep a roof over your family's head.
Heritage economists trace it straight back to Washington's spending binge.
The federal government borrowed more than a trillion dollars a year, the Federal Reserve printed money to cover it, and 40-year-high inflation followed right on schedule.
The Fed then jacked up interest rates to fight the inflation it helped create.
Buyers got hit twice – once by inflated prices, once by punishing borrowing costs.
The Atlanta Fed says homeownership affordability has sat near an all-time low since 2023.
That's not a talking point. That's the receipt for four years of Bidenomics.
Sound familiar? Economists have compared today's frozen market to the years after the 2008 crash, when tight credit locked millions of qualified families out of homeownership for a decade.
The difference this time is prices never came down – they just kept climbing while working families got locked out entirely.
President Trump's own economic team flagged the crisis in April, warning that rebuilding "the American Dream of homeownership" would require unwinding years of Biden-era dysfunction.
The administration has already moved to cut red tape on new construction and is pushing to ban Wall Street investment firms from buying up single-family homes and squeezing out ordinary families.
Congress just passed the biggest housing overhaul in decades, cracking down on the institutional buyers who turned neighborhoods into rental portfolios.
None of that fixes overnight what four years of reckless spending broke.
But it's the first time in years Washington has admitted the government caused the damage instead of blaming the weather.
The Fed still hasn't delivered the rate relief Trump has been demanding, and mortgage costs remain stuck near their highest levels in a generation.
That's the real scandal here.
Democrats spent four years torching the dollar's value and calling it progress, and now regular families can't afford the homes their parents bought on a single paycheck.
Nashville, Houston and Miami sellers are learning what Rust Belt factory towns already knew – when Washington wrecks the economy, your neighborhood pays for it first.
Fix the spending, and the rate relief follows. Everything else is Washington noise dressed up as a housing policy.
Sources:
- Redfin, "The Housing Market Favors Buyers—But Their Advantage Is Shrinking," Redfin News, August 13, 2026.
- The Heritage Foundation, "How Bidenomics Wrecked America's Housing Market," Heritage.org, 2026.
- The Heritage Foundation, "Government Broke the Housing Market—Only This Will Fix It," Heritage.org, 2026.
- White House Council of Economic Advisers, "Protecting and Rebuilding the American Dream of Homeownership," Economic Report of the President, April 2026.
- Fox Business, "Trump admin says cutting red tape would help with housing affordability," Fox Business, 2026.
- Fox News, "Trump scores major housing win as Congress passes biggest overhaul in decades," Fox News, 2026.
- Fox Business, "Trump plans to ban institutional investors from buying single-family homes," Fox Business, 2026.
