The pandemic housing frenzy is officially dead — and buyers finally have the upper hand.

Nearly 70% of big US cities have turned into buyers’ markets, led by a massive wave of excess housing inventory in Sun Belt hotspots like Miami, Houston and Austin, according to June Redfin data, where homebuying demand has been slow post-pandemic.

There were nearly 500,000, or 48.5%, more home sellers than buyers in the US in June than the month prior.

“The biggest hurdle for Americans looking to buy a home is affordability, but those with the budget to move now — even in the face of record-high home prices and stubbornly high mortgage rates — have the power,” said Asad Khan, a senior economist at Redfin. “In most of the country, there are more homes to choose from, fewer bidding wars and more room to negotiate on price, closing costs and repairs.”

In a few select markets — specifically Miami, Nashville and parts of Texas — sellers outnumber buyers by a staggering two-to-one margin. According to the report, the seller surplus reached a staggering 140% in Miami, 129% in Nashville, 124% in Houston, 117% in San Antonio and 101% in Austin.

Miami’s situation comes because “high home prices, soaring insurance premiums and rising HOA fees for the city’s many condos are sidelining many would-be buyers,” the report indicates.

Lingering inventory has meant there is a slew of options for buyers in Nashville and parts of Texas, “while high mortgage rates and affordability challenges are keeping demand in check,” per the report.

June notched the highest number of homes listed for sale in the US since 2020. But because more buyers entered the market, the seller-buyer discrepancy was basically unchanged.

On the flipside, there were seven sellers’ markets, including several Northeast metros and San Francisco. Nassau County, Newark and New Brunswick — all close to New York City — reportedly made the cut due to their tight inventory.

While the City by the Bay also suffers from a chronic lack of new construction, the real engine driving its stubborn sellers’ market is the area’s booming artificial intelligence sector. A wave of affluent tech buyers is using their big salaries and bonuses to snap up homes.