The U.S. housing market is now seeing 44% more home sellers than buyers, creating a strong advantage for buyers. In January, there were about 600,000 more sellers nationwide, marking the second-largest imbalance since Redfin began tracking data in 2013.

Redfin notes that any market with over 10% more sellers than buyers qualifies as a buyers’ market. With 1.36 million buyers and 1.96 million sellers in January, demand remains low due to high mortgage rates, expensive homes, layoffs, and economic uncertainty.

Only five of the 50 largest U.S. metro areas, including Newark, Nassau County, and Milwaukee, were sellers’ markets in January. Milwaukee saw an 11% rise in median home prices due to tight inventory and slightly lower mortgage rates.

In the most buyer-friendly markets, such as Miami, Fort Lauderdale, Austin, and Nashville, sellers far outnumbered buyers, softening price growth across much of the country. Average price increases were 1% in buyers’ markets, compared to 5% in sellers’ markets.