According to Redfin analysis, the number of active listings in November increased by 0.5% month-on-month and 12.1% year-on-year.
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As 2024 draws to a close, Redfin reveals that active listings, or homes for sale, reached their highest level in November since 2020 due to a surge in unsold homes remaining on the market. I made it.
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The slowdown continued into December, with home sales at their slowest pace in five years, said Ralph McLaughlin, senior economist at Realtor.com.
“Homes were on the market for 70 days, the slowest December in five years and the slowest month since January 2023,” McLaughlin said in his December housing report. Ta.
According to Redfin analysis, the number of active listings in November increased by 0.5% month-on-month and 12.1% year-on-year. But with many unsold homes taken off the market, inventory in December fell significantly, down 8.6% from November, the largest monthly decline since January 2023, Realtor.com reported.
In November, 54.5% of listings nationwide remained on the market for at least 60 days without a contract, the highest percentage for any November since 2019.
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Rising mortgage rates, which Freddie Mac reported at 6.85% as of Dec. 26, are discouraging buyers even as the median listing price has fallen to $402,502 year over year.
“High mortgage rates continue to cause market weakness,” McLaughlin said.
The increase in inventory may also be partially due to homes that are overpriced or in poor condition.
Meem Loggins, a Redfin Premier Real Estate agent in Portland, Ore., says homes priced under $650,000 have the most competition for buyers, but sellers in this price range can outbid. He pointed out that many homes remain unsold due to the large number of homes sold.
“Many of the properties on the market are outdated or uninhabitable. We have a lot of inventory, but we don’t think there’s enough,” Loggins said. “I tell sellers that if the price isn’t right, the house will go on the market, whereas a house that’s priced well and in good condition will be off the market in three to five days. , overpriced homes can sit for more than three months.”
Larger Florida cities such as Miami (63.8%), Fort Lauderdale (62.3%), and Tampa (56.9%) are largely driven by high HOA fees, rising insurance premiums, and natural disasters deterring buyers. , old properties had the highest share.
Conversely, cities such as Providence, RI (38.2%) and Milwaukee (38.8%) reported the lowest percentage of obsolete inventory in November.
Email Richelle Hamiel
