Housing market ends 2024 with stale supply

There’s good news in the housing market to close out 2024: There’s a lot more supply on the housing market. But much of it is sitting unsold.

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 (54.5%), however, had sat on the market for at least 60 days without going under a contract of sale. That is the highest share for any November since 2019 and is up nearly 50% from the year before, according to the report.

The typical home that did go under contract did so in 43 days, according to Redfin, 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 Redfin agent Meme Loggins, who was quoted in the report. “I explain to sellers that their house will sit on the market if it’s not fairly priced. 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.”

https://www.nbcnews.com/business/economy/housing-market-ends-2024-stale-supply-rcna185870

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