Homes aren’t exactly selling like hotcakes – according to a new data report from Redfin, more than half (52.2%) of February’s home listings were on the market for at least 60 days without going under contract, up from 50.1% one year earlier and the highest share since 2019.
Redfin noted this resulted in $347 billion worth of “stale inventory,” up 4.3% annually and the highest dollar amount on record for this time of year. A total of $636 billion worth of homes is up for sale, mostly unchanged from one year before. This marked the second the highest dollar amount on record for this time of year – the highest was in 2025 when it was 0.01% higher).
In Miami, nearly two-thirds (62.6%) of home listings are stale, the biggest share of all the major metros. Next come San Antonio (58.3%), Pittsburgh (58.1%) and West Palm Beach (55.9%).
Redfin blamed the lethargic sales on the supply-and-demand imbalance – there are a record 630,000 more home sellers than buyers in the market. Rising mortgage rates and economic uncertainty fueled by inflation and the Iran war are complicating matters.
“Sellers know it’s a buyer’s market, but they still want to get as much money as they can for their home,” said Jason Gale, a Redfin Premier agent in New Orleans. “So, they list on the high end, expecting buyers to negotiate down, and that’s leading to listings staying on the market for a long time. There are still deals to be made, but nine times out of 10, homes are selling for under their asking price. But sometimes, the price is just too high, and sellers have to pull their home off the market after six months or so.”
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