(NewsNation) —  If the national housing market is cool, the condo market is ice cold.

There were 72% more condo sellers than buyers in August, marking the fifth straight month that figure has topped 70%, according to a new Redfin analysis.

That makes spring and summer 2025 the strongest condo buyers’ market in more than a decade — aside from April 2020, when the pandemic briefly froze home sales nationwide.

The mismatch between condo supply and demand is far steeper than in other parts of the market. In August, there were about 30% more single-family sellers than buyers, and 38% more townhouse sellers than buyers, Redfin found.

Like the broader market, condos have been squeezed by high mortgage rates and near-record prices, but they’re also facing unique headwinds.

Rising HOA fees and higher insurance costs have made ownership less affordable, while new regulations in states like Florida and California have added complexity, Redfin noted.

Price growth has also stalled, causing more to question whether condos are a smart long-term investment.

Condo values are up just 3% from spring 2022 to spring 2025, much lower than the inflation rate for that period, and investor purchases of U.S. condos dropped 13% year over year in the second quarter, Redfin said.

Nationwide, the typical U.S. condo that sold in August took 58 days to go under contract, the longest for that month in 12 years. For sellers, it’s been a headache, but for buyers, it’s meant more bargaining power.

“Condo buyers can negotiate prices down and ask sellers for concessions, and they have a lot of options to choose from,” Asad Khan, a senior economist at Redfin, said in the report.

Slow condo sales have pushed prices down slightly, but they haven’t plummeted: The typical condo sold for $350,000 in August — down just 1% year over year, per Redfin.

Florida leads the condo cooldown

The pressure on condos is showing up most clearly in Florida, which has an outsized share of the nation’s supply.

The state has about 1.5 million condos, roughly a fifth of all the nation’s condos, according to TD Economics.

Today, five of the 10 U.S. metro areas with the biggest surplus of condo sellers over buyers are in the Sunshine State, Redfin found. In Miami, there were 11,486 condo sellers and just 3,270 buyers in August. Tampa saw a 240% gap, with 5,183 sellers and 1,519 buyers.

“Condo sellers are in a difficult situation,” Cecilia Cordova, a Miami Redfin Premier agent, said in the report. “I’d say we have enough condo inventory for two years worth of buyers.”

Cordova said condo listings have been piling up ever since the 2021 Surfside building collapse, which killed 98 people and reshaped Florida’s condo landscape. Beyond safety fears, the tragedy prompted tougher inspection laws and reserve requirements, driving up HOA fees and insurance costs.

Natural disaster risks and a new construction boom have also tipped the state’s condo market in favor of buyers.

Texas is the other state showing a wide gap between condo buyers and sellers, also fueled in part by new construction. San Antonio and Austin both ranked near the top of Redfin’s list, where condo sellers outnumber buyers by the largest margin.

Nationally, there were about 260,000 condo sellers and 150,000 buyers in August, a 72% surplus, according to Redfin. The gap has narrowed slightly from an April peak of 81%, partly because some would-be sellers have begun backing off amid slow demand.

Redfin estimated the number of buyers using its proprietary data and MLS records on active listings and pending sales. The estimated number of sellers reflects active MLS listings.