There are now nearly 50% more home sellers than buyers as mismatch widens to a record 630,000. But it’s only a buyer’s market if you can afford it

Home buyers have gained even more leverage over sellers as housing market supply continues to overwhelm tepid demand.

In February, there were 46.3% more sellers than buyers, representing a gap of 629,808, the largest in Redfin’s records going back to 2013, the real estate company said in a report on Monday.

The latest number is up 30% from a year earlier, when the mismatch was 449,409. And recently as October, it was 528,769 people.

According to Redfin, a buyer’s...