Active listings during November were up 0.5% from October and up 12.1% year-over-year, reaching the highest level since 2020. However, a new data report from Redfin (NASDAQ: RDFN) pointed to a “pileup of unsold homes” as being a primary cause for this new peak.
More than half of home listings in November (54.5%) sat on the market for at least 60 days without going under contract, the highest share for any November since 2019 and a nearly 50% year-over-year spike, The typical home that went under contract last month did so in 43 days, the slowest November pace since 2019.
Redfin reported that 63.8% of Miami listings in November were on the market for 60 days or longer without going under contract—the highest share among the top 50 metros. Next came Austin (62.4%), Fort Lauderdale (62.3%), San Antonio (60.3%) and Orlando (59.9%). At the other end of the spectrum, Rhode Island’s capital city of Providence saw 38.2% of its listings on the market for at least 60 days without going under contract last month, the lowest share among the top 50 metros.
Only three metros saw their respective share of stale listings decreasing from one year earlier: Philadelphia (-1.7 ppts to 51%), Chicago (-0.7 ppts to 44.9%) and San Francisco (-0.5 ppts to 53.4%).
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Perhaps (as is usually the case) these unsold listings are overpriced for their market and/or condition?
DROP THE PRICES