Redfin reported on Thursday (12-29-22) that in the four-week period ending December 25th, the total number of homes for sale rose 18% from a year earlier during the same time period. This is the largest increase since at least 2015.
According to the report, homes for sale inventory is up even though new listings are down by double digits. Homes are taking a longer time to sell amid 6%-plus mortgage rates. With Redfin noting that the average 30-year rate ticked up to 6.42% during the week, this coupled with economic uncertainty and typical holiday season slowdown.
The typical home was on the market for 40-days before going under contract. This is more than double the record low of 18 days set in May of 2022, and the slowest pace since January 2021. Just over 28% of homes went under contract within two week, the lowest number since January 2020.
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