Home buyers started the new year with a “stale” housing market. A new report shows that while there’s a surplus of homes, many buyers deem them unappealing.
Redfin, a residential real estate broker, reported that the number of homes for sale in November hit the highest level since 2020. However, Redfin said a major reason for the increase in supply is “a pileup of unsold homes, many of which buyers have deemed undesirable.”
Nationally, more than half of November home listings (54.5%) sat on the market for at least 60 days without a buyer willing to sign a contract. That’s the highest percentage since November 2019.
According to the report, the average home spent 43 days on the market.
Real estate agent Meme Loggins of Portland, Oregon, called many listings “stale and uninhabitable.” She said price is also a key factor.
Loggins said homes that are priced well and in good condition sell within three to five days. Overpriced and outdated homes sit on the market for months, she said.
Big cities in Florida hit hard by hurricanes and marred by high insurance costs were listed as having “stale inventory”. Major cities in Texas, including Austin and San Antonio, also made the top of the list.
Mortgage rates are another factor driving up the cost of owning a home. As of Thursday, Jan. 2, the rate for a 30-year fixed-rate mortgage was about 6.7%. A 15-year fixed rate was 6.1%
