Value of US Home Listings Hits Record High

On Monday, Redfin reported that there is a total of $698 billion worth of homes for sale in the US, as of the last day of April. Year-over-year, it is up 20.3% and at the highest dollar amount ever.

The data are based on an analysis of listings on Redfin going back through 2012.

Redfin analysis points to a combination of reasons as to why the total value of US home listings are at an all-time high. They include the following:

• Housing supply is at a 5-year high. There are many more sellers than buyers in the market. Year-over-year, nationwide, there are 16.7% more homes for sale in April.
• Homes are sitting on the market longer. The typical home that sold in April took 40 days to go under contract, 5 days longer than a year earlier.
• Homebuying demand is falling. Home sales are declining, and Redfin agents in much of the country report that would-be buyers are backing off due to record-high monthly housing costs and widespread economic instability.
• Home prices are rising. The median US home-sale price rose 1.4% year over year in April. Note that the total value of inventory is up by much more, 20.3% year over year, which signals that in recent years.