Nearly Half of All US Existing-Home Listings Are Considered Stale, or Over 60 Days on the Market

On Wednesday, Redfin reported that 48% of all US listings have lingered on the market for at least 60 days, the highest share for any August since 2019. That share was up from 43.2% a year ago and marked the fifth straight month in which the share of homes sitting for at least 60 days posted an annual increase.

Redfin says that the sluggish summer market continued to drag its heels in August, with home sales dropping to the lowest level since the start of the pandemic. Seven out of every 10 homes (68.5%) on the market last month had been sitting for at least 30 days, up from 63.9% a year ago. It was the sixth consecutive month that the share of month-old listings increased and the highest share for any August since 2019.

The typical home was listed for 37 days before going under contract. That is six days longer than a year earlier, but the results were wildly different depending on the location.

Adding background and analysis to the report, Redfin Senior Economist Sheharyar Bokhari said:

“We usually see home sales pick up when mortgage rates fall, but this year we are seeing the opposite—sales are dropping, and homes are sitting longer on the market. Last week’s big interest rate cut by the Federal Reserve will give buyers a boost in confidence, but it remains to be seen whether sales will speed up in any meaningful way as we move into the slower Fall season.”

Redfin Chief Economist Daryl Fairweather added:

“Anyone who has been paying attention to the housing market over the past few years knows that desirable homes sell right away. That’s been true ever since the overall market slowed down after mortgage rates shot up a couple of years ago. Now if a home is still on the market after a few weeks, buyers assume there’s something wrong with it. That’s why it’s so important to price your home to move quickly. Buyers see the days on market, and when it starts to tick up, it’s like a scarlet letter.”