SEATTLE, PA — Active home listings in the U.S. reached their highest levels since 2020 this November, according to a new report by Redfin. On a seasonally adjusted basis, listings rose 0.5% month-over-month and 12.1% year-over-year. However, despite these gains, the increase is largely due to a buildup of unsold homes rather than a surge in new supply.
A notable share of these unsold homes has lingered on the market for extended periods. Over half (54.5%) of listings in November had been active for at least 60 days without being sold, marking the highest percentage for any November since 2019. Real estate experts attribute the inventory glut to overpricing and in some cases, the poor condition of properties.
“There’s a lot of inventory, but it doesn’t feel like enough,” said Meme Loggins, a Redfin Premier agent in Portland, OR. She explained that underpriced and well-maintained homes can sell within days, but overpriced properties often remain on the market for months.
Homes in the $650,000 range, which usually attract strong buyer interest, are now among those staying unsold for longer durations as sellers overestimate their value.
Florida and Texas Lead in Stale Inventory
Florida and Texas metros reported the highest share of stagnant listings. Miami topped the list, with 63.8% of homes unsold for at least 60 days. Other hotspots of “stale inventory” included Austin, TX (62.4%), Fort Lauderdale, FL (62.3%), San Antonio, TX (60.3%), and Orlando, FL (59.9%).
Factors contributing to Florida’s surge in unsold homes include increased housing development, rising homeowners association (HOA) fees, high insurance costs, and natural disaster risks. Tampa saw the most significant increase in stale listings, up 12.3 percentage points year-over-year, followed by Fort Lauderdale, Orlando, San Diego, CA, and West Palm Beach, FL.
Markets with the Least Stale Homes
Meanwhile, cities with the lowest share of unsold inventory included Providence, RI (38.2%), Milwaukee, WI (38.8%), and Montgomery County, PA (41.4%). These areas, along with San Jose, CA, and Warren, MI, have managed to maintain higher buyer activity and lower instances of long-term listings.
Overall, the data shows a mixed picture. While more homes are available, challenges remain as many properties struggle to meet buyer expectations on price and quality.
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