I have to concur that the market is currently defined as a “buyer’s market” because supply outstrips demand, but that is NOT to say that it is a “great buying opportunity” as you have pointed out.

I feel that the NAR uses and will continue to use the phrase “buyer’s market” excessively to encourage buying rather than to state the market conditions of supply versus demand.

Please find me an article by a Realtor claiming there is a surplus of housing in SD, CA, or anywhere in USA. I don’t believe I’ve seen any (although they may exist). It is more likely they will claim “buyer’s market” out of one side of the mouth and “shortage due to lack of buildable land, population, immigration, everyone loves the sun, take your pick…” out of the other side.