More than half of the homes listed in November remained unsold, and housing supply increased by 12%, the highest since 2020, according to . red fin.
This increase is partly the result of widespread unsold homes.
According to Redfin: active list Seasonally adjusted, it increased by 0.5% from the previous month and by 12.1% from the previous year.
More than half (54.5%) of listed properties nationwide in November 2024 were on the market for at least 60 days without a contract, an increase of 49.9% from the previous year.
“A lot of the properties on the market are outdated or uninhabitable,” Portland real estate agent Meme Loggins told Redfin. “We have a lot of inventory, but I feel like we don't have enough.”
Florida and Texas have the highest number of outdated lists in the nation. Miami had 63.8% of listed properties on the market for more than 60 days in November, the highest of any of the top 50 metros.
This was followed by Austin, Texas (62.4%), Fort Lauderdale, Florida (62.3%), San Antonio, Texas (60.3%), and Orlando, Florida (59.9%).
Meanwhile, Providence, Rhode Island, and Milwaukee had the lowest shares. In Providence, 38.2 percent of properties that were not under contract were longer than 60 days. Milwaukee was close behind at 38.8 percent.
