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The housing inventory shortage that has plagued the US for years appears to finally be easing, but a key factor holding back the increase in supply provides little encouragement. stable market Will be moving again any time soon.
New one Redfin report Says the number of homes for sale reached a four-year high in November, increasing 12.1% year on year. But the main reason for the increase is that most of the homes on the market are not selling.
Housing supply reached a four-year high in November, but that’s mostly because most homes for sale have been on the market for more than two months, Redfin data shows. (Liu Guangyuan/China News Service/VCG via Getty Images/Getty Images)
More than half (54.5%) of house on the market Last month it was listed for more than 60 days, many of which were considered too expensive by prospective buyers. That’s 49.9% more than a year ago, according to Redfin data, and the highest share of used inventory for November since 2019.
The report said the typical number of homes that went under contract last month did so in 43 days, which is also the slowest November pace since 2019.
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“A lot of the listings on the market are either old or unlivable. There’s a lot of inventory, but it doesn’t seem like enough,” said Mame Loggins, a Redfin Premier real estate agent in Portland, Oregon.
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“I explain to sellers that if they don’t price their house fairly, their home will be put on the market,” Loggins said. “Homes that are priced well and are in good condition disappear from the market in three to five days, but homes that are overpriced may last longer than three months.”
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Data shows Texas and Florida have the highest rates of old listings on the market. Miami has the largest share of homes on the market more than 60 days than any other major metro at 63.8%, followed by Austin, which has 62.4% of listings that are under contract for more than two months.
Due to the affordability crisis, most homes remain unsold on the market for more than 60 days. (Fox News)
The housing market saw a surge in activity due to high demand during the pandemic, but has stagnated due to rising home prices. mortgage rates This has led to an ongoing affordability crisis that has put home ownership out of reach for many Americans.
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Housing costs in 2024 repeatedly broke records, and a report from the National Association of Realtors (NAR)’s annual survey of buyers and sellers found Share of first time home buyers That dropped from 32% in 2023 to 24% in 2024, the lowest share since the NAR began collecting data in 1981.
Fox Business’ Lindsay Kornick contributed to this report.
