U.S. homebuyer demand hit a record low in July, with just 967,000 buyers compared to 1.46 million sellers, resulting in a 51% seller surplus. Nearly 80% of major metropolitan areas are now buyer's markets, granting house hunters increased negotiating power. Miami leads this trend with 154% more sellers than buyers, followed by Nashville and several Texas metros. High mortgage rates, elevated prices, and economic uncertainty are cited as key factors keeping buyers on the sidelines.