Number of Existing Homes on the Market for Over 30-Days Continues to Grow

On Wednesday, Redfin reported that according to analysis of its housing-market data, which goes back through 2012, 61.9% of homes that were on the market in May had been listed for at least 30 days without going under contract. That is up 60% from one year earlier and approximately 50% from two years earlier.

Redfin data indicate that the share of homes sitting on the market for at least one month has been increasing year-over-year since March, when growth in new listings accelerated but demand from buyers remained lukewarm, as it has been since mortgage rates started rising in 2022. More homes for sale paired with slow demand means that less-desirable listings are piling up, leaving some of them without buyers.

The share of inventory sitting on the market for 30-plus days is growing fastest in Dallas. Just over 60% of Dallas listings that were on the market in May had been listed for at least 30 days, up from 53% a year earlier. Next come three Florida metros: Fort Lauderdale, up from 68.2% to 75.5%; Tampa, up from 61.9% to 68.7%; and Jacksonville, up from 62.9% to 69.2%. Inventory is growing stale fast in Texas and Florida largely because those states are building far more homes than anywhere else in the country, contributing to rising supply, and because some homebuyers are nervous about the increasing prevalence of natural disasters, Redfin reported.

On the other end of the spectrum, the share of homes sitting on the market for at least 30 days has declined most in Seattle, down from 50.5% to 41.2%; Las Vegas, down from 63.9% to 55.9%; and San Jose, CA, down from 42.2% to 34.4%.