US Housing Supply Hits Four-Year High in November
On December 30, Redfin reported that active listings—the total number of homes for sale—reached their highest level since 2020 in November. On a seasonally adjusted basis, listings increased 0.5% month-over-month and 12.1% year-over-year.
However, a significant driver of the increased supply is a backlog of unsold homes, many of which buyers have deemed undesirable because they are viewed as overpriced, Redfin said.
In November, 54.5% of home listings remained on the market for at least 60 days without going under contract—the highest share for any November since 2019 and up from 49.9% a year earlier. The typical home that did go under contract in November did so in 43 days, the slowest November pace since 2019.
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