US Housing Inventory Climbs, But Overpriced Homes Keep Market Stagnant

The housing inventory shortage that has been plaguing the U.S. for years appears to finally be easing, but a significant factor behind what is driving up supply provides little encouragement that the stagnant market will get moving again anytime soon. A new report from Redfin says the number of homes for sale jumped to a four-year high in November, surging 12.1% year over year. But the major reason for the increase is that most homes on the market just aren't selling. More than half (54.

5%) of homes on the market last month had been listed for more than 60 days, with many deemed too expensive by would-be buyers. According to Redfin data, that is up 49.9% from a year ago, and is the highest share of stale inventory for a November since 2019. The report said that the typical home that went under contract last month did so in 43 days, which is also the slowest November pace since 2019. 'A lot of listings on the market are either stale or uninhabitable. There’s a lot of inventory, but it doesn’t feel like enough,' said Meme Loggins, a Redfin Premier real estate agent in Portland, Oregon. 'I explain to sellers that their house will sit on the market if it’s not fairly priced,' Loggins said. 'Homes that are priced well and in good condition are flying off the market in three to five days, but homes that are overpriced can sit for over three months.' The data shows Texas and Florida have the highest rates of old listings on the market. Miami has the greatest share of homes on the market for longer than 60 days than any other major metro at 63.8%, followed by Austin, which has 62.4% of listings that have sat for more than two months without going under contract

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