{"id":41594,"date":"2015-04-23T05:00:23","date_gmt":"2015-04-23T12:00:23","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/research\/?p=21886"},"modified":"2020-10-06T17:08:33","modified_gmt":"2020-10-07T00:08:33","slug":"homes-for-sale-or-homes-gone-stale-2","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/homes-for-sale-or-homes-gone-stale-2\/","title":{"rendered":"Homes For Sale or Homes Gone Stale?"},"content":{"rendered":"

CORRECTION: \u00a0A previous version of this report used\u00a0incomplete\u00a0inventory data in four cities – Charlotte, Modesto, Sacramento and Stockton. <\/i>We\u2019ve removed those cities while we correct the data. With 46 instead of 50 markets included in the analysis, the overall share of stale inventory rose from 70.2 percent to 70.9 percent.<\/i>
\nReal estate agents and buyers have been fretting over the lack of homes for sale, a phenomenon that\u2019s fueling bidding wars and frustrating house hunters. Even though more properties are starting to come on the market, the total inventory of houses for sale \u2014 both fresh and dated listings \u2014 actually fell in March from a year ago.
\nAs the spring selling season gets into full swing, Redfin examined 46\u00a0markets to see if fresh inventory is growing and whether it\u2019s growing enough. As a whole, new listings\u00a0shot up 9.2 percent<\/a> last month, but overall inventory of houses for sale actually shrank 0.7 percent. It was the first year-over-year drop since December 2013. So far, the spring housing bounce hasn’t started.
\nTake the quality of inventory into account and the picture looks bleak for buyers in many cities. As of March 31, almost 71\u00a0percent of houses on the market were stale, meaning they\u2019ve languished unsold for more than a month. A home that\u2019s been sitting for 30 days is more likely to be overpriced, in need of renovation or have other problems that prevent it from selling.
\nIt’s normal for stale listings to make up the bulk of inventory, but now two new things are happening. In some places, both fresh and stale listings are dwindling. And in a handful of cities, fresh listings are becoming a bigger share of inventory as high prices and competition lead would-be homeowners to lower their expectations. That means even hard-to-love homes are finding buyers, who are chipping away at inventory.
\nThe upshot? For buyers, not only are there fewer homes to chose from, there are even fewer good<\/i> ones \u2014 \u201cgood\u201d as in priced right, well-maintained and in sought-after locations.
\nTraditionally, housing inventory ticks up in March in anticipation of the spring selling season, when budding foliage boosts curb appeal and families with children prep for summer break. That seasonal ebb and flow is still evident in many markets, including Baltimore, Minneapolis-St. Paul, Philadelphia and parts of New York.
\nNationwide, the total number of unsold homes rose 5.3 percent in March to 2 million<\/a>, but at the current pace of sales, that supply would be exhausted in only 4.6 months, according to the National Association of Realtors.
\nWhat\u2019s causing the inventory crunch? More than 7 million<\/a> homeowners can\u2019t sell because they\u2019re deeply underwater, according to RealtyTrac, meaning they owe more on their properties than they\u2019re worth. That figure is falling as rising home values put more homeowners into the black, but those same price gains, coupled with weak wage growth and tight credit, are discouraging many from selling and trading up. Builders haven\u2019t kept pace, either. They\u2019re breaking ground on 1.07 million<\/a> houses, condominiums and apartments a year, but the U.S. requires between 1.6 million and 1.9 million new units just to accommodate population growth and household formation, according to the Harvard Joint Center for Housing<\/a>.
\nIn Atlanta, Seattle, Portland, Allentown, Tacoma and elsewhere, the number of homes for sale is at its lowest in at least three years. In Indianapolis, even a 26.6 percent year-over-year surge in new listings in March wasn\u2019t enough to replenish depleted inventory.
\nInventory is so low in Oakland<\/a>, Denver and Dallas-Fort Worth that fresh listings abnormally accounted for a larger share of inventory last month as buyers whittled away at less-desirable properties and builders raced to keep up with demand. Dallas-Fort Worth added more than 100,000 people<\/a> between 2013 and 2014. Last month, there were 14,332 fewer properties for sale than in March 2012. New listings fell more than 27 percent.
\n\u201cAll the desirable properties are getting snatched up in three days. The ones that are left become our stale inventory,\u201d Dallas agent Connie Durnal said. \u201cIt\u2019s driving the prices up and increasing multiple offers. I don\u2019t see it ending.\u201d
\n\"Dallas-FtWorth\"<\/a>
\nBuyers tend to become \u201cinventory blind\u201d and tune out old listings, but that could be changing as desirable properties get fewer and further between.
\n\u201cThere\u2019s a lot of fighting for that fresh inventory,\u2019\u2019 said Michael Alderfer, a Redfin agent in Washington, D.C. \u201cWhen new buyers find out they\u2019re going to have to beat other offers on the newer stuff, they adjust and start looking for things on the market 21-plus days.\u201d<\/p>\n

HOMES LISTED FOR SALE<\/h2>\n

 
\n 
\n\"\"<\/a>
\n\"Allentown,<\/a>
\n\"Atlanta,<\/a>
\n\"Austin,<\/a>
\n\"Baltimore\"<\/a>
\n\"Boston\"<\/a>
\n\"Chicago\"<\/a>
\n\"Denver\"<\/a>
\n\"Houston\"<\/a>
\n\"Indianapolis\"<\/a>
\n\"Jacksonville\"<\/a>
\n\"Los<\/a>
\n\"Minneapolis-StPaul\"<\/a>
\n\"Nashville\"<\/a>
\n\"Oakland,CA\"<\/a>
\n\"Portland\"<\/a>
\n\"San<\/a>
\n\"San<\/a>
\n\"Seattle\"<\/a>
\n\"Tacoma,<\/a>
\n\"WashingtonDC\"<\/a>
\nSource: Redfin analysis of\u00a0MLS data<\/p>\n","protected":false},"excerpt":{"rendered":"

As of March 31, nearly 70 percent of houses on the market were stale, meaning they\u2019ve languished unsold for more than a month. A home that\u2019s been sitting for 30 days is more likely to be overpriced, in need of renovation or to have other problems that prevent it from selling.<\/p>\n","protected":false},"author":13355,"featured_media":2931,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[67,68],"coauthors":[79,198,206,163],"class_list":["post-41594","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-demand-index","tag-local"],"acf":[],"yoast_head":"\nHomes For Sale or Homes Gone Stale? 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For more information about working with a Redfin real estate agent to buy or sell a home, visit our \"Why Redfin?,\" page.","sameAs":["https:\/\/www.redfin.com\/blog"],"url":"https:\/\/www.redfin.com\/news\/author\/lorraine-woellertredfin-com\/"}]}},"_links":{"self":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/41594","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/users\/13355"}],"replies":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/comments?post=41594"}],"version-history":[{"count":0,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/41594\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media?parent=41594"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/categories?post=41594"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/tags?post=41594"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/coauthors?post=41594"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}