There’s good news in the housing market to close out 2024: There’s a lot more supply on the housing market. The bad news: A lot of that supply is stale, sitting unsold for much longer than usual. Active listings in November were 12.1% higher than they were in November 2023 and hit the highest level since 2020, according to a new report from Redfin. More than half of those homes , however, had sat on the market for at least 60 days without going under a contract of sale.
“Removing the political uncertainly risk has led to an equity market rally; it will be telling should the similar sentiment occur among homeowners.” Pending home sales, which is a measure of signed contracts to purchase existing homes, rose in November both monthly and annually to the highest level in nearly two years, according to the National Association of Realtors. They were, however, coming off a very slow base. The Realtors claim interest rates are now at a new normal.
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