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The housing inventory shortage that has plagued the U.S. for years appears to be finally easing, but an important factor behind it is boosting supply, giving little encouragement that the stagnant market will move again anytime soon.
A new report from Redfin says the number of homes for sale jumped to a four-year high in November, rising 12.1% year over year. But the main reason for the increase is that most homes on the market simply aren’t selling.
Redfin data shows that housing supply hit a four-year high in November, but mostly because most homes for sale have been on the market for more than two months. (Liu Guanguan/China News Service/VCG via Getty Images / Getty Images)
More than half (54.5%) of homes on the market last month were listed for more than 60 days, with many considered too expensive by potential buyers. According to Redfin data, that’s up 49.9% from a year ago and is the highest amount of sitting inventory for a November since 2019.
The report said the typical home that went into contract last month did so in 43 days, which is also the slowest November pace since 2019.
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“A lot of listings on the market are either stagnant or uninhabitable. There’s a lot of inventory, but it doesn’t seem like enough,” said Meme Loggins, a Redfin Premier real estate agent in Portland, Oregon.
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“I explain to sellers that their house will go on the market if it’s not priced fairly,” Loggins said. “Homes that are well-priced and in good condition will come off the market in three to five days, but homes that are overpriced can sit for more than three months.”
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The data shows that Texas and Florida have the highest rates of old listings in the market. Miami has the most homes on the market for more than 60 days than any other major metro at 63.8%, followed by Austin, which has 62.4% of listings that have been out of contract for more than two months.
The affordability crisis has caused most homes on the market to sit unsold for more than 60 days. (Fox News)
The housing market saw a flurry of activity fueled by high demand during the pandemic, but has become stagnant as rising home prices and mortgage rates have led to an ongoing affordability crisis that has pushed home ownership out of reach for many. Americans.
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Housing costs continue to break records in 2024, and a report from the National Association of Realtors’ (NAR) annual survey of buyers and sellers found that first-time buyer share fell from 32% in 2023 to 24% in 2024, the lowest percentage since NAR began collecting data in 1981.
Lindsay Kornick of FOX Business contributed to this report.
