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The housing shortage that has long plagued the United States may finally be easing, but the big factors driving supply aren't helping the stagnant market pick up again anytime soon.
new Report from Redfin According to the report, the number of homes sold in November increased by 12.1% compared to the same month last year, reaching the highest level in four years. However, the main reason for the increase is that most homes on the market are not selling.
Housing supply reached a four-year high in November, according to Redfin data, largely because the majority of homes for sale haven't 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 the homes that hit the market last month had been listed for more than 60 days, and many were considered too expensive for prospective buyers. That's a 49.9% year-over-year increase and the highest percentage of obsolete inventory in November since 2019, according to Redfin data.
The typical home contracted last month went under contract in 43 days, which is also the slowest pace for November since 2019, according to the report.
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“A lot of the properties on the market are obsolete or uninhabitable,” said Meem Loggins, a Redfin Premier Real Estate agent in Portland, Ore. “There's a lot of inventory, but I don't think it's enough. No,” he said.
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“We explain to sellers that if the price isn't right, the house will be put up for sale,” Loggins said. “Homes that are overpriced and in good condition can be off the market in three to five days, while overpriced homes can sit for three months or more.”
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Texas and Florida have the highest rates of old listings in the market, according to the data. Miami has the highest share of homes that have been on the market for more than 60 days than any other major metropolitan area at 63.8%, followed by Austin with 62.4% of homes that have been on the market for more than two months. There is.
Due to the affordability crisis, the majority of homes on the market remain unsold for more than 60 days. (Fox News)
The housing market has seen strong activity due to high demand during the pandemic, but has stagnated as soaring home prices and mortgage rates continue to create an affordability crisis that puts homeownership out of reach for many Americans. I am doing it.
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Home prices in 2024 will repeatedly set new records, according to a report from the National Association of Realtors (NAR) annual survey of buyers and sellers. Percentage of first-time home buyers This share fell from 32% in 2023 to 24% in 2024, the lowest share since NAR began collecting data in 1981.
FOX Business' Lindsay Kornick contributed to this report.
