{"id":74800,"date":"2022-08-09T05:00:25","date_gmt":"2022-08-09T12:00:25","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=74800"},"modified":"2022-08-11T13:27:29","modified_gmt":"2022-08-11T20:27:29","slug":"homes-stale-housing-inventory-july-2022","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/homes-stale-housing-inventory-july-2022\/","title":{"rendered":"A Growing Share of Home Listings Are Stale As Market Cools"},"content":{"rendered":"

A dearth of buyers and relatively few new listings are leading to an uptick in homes sitting on the market longer than a month. It\u2019s giving buyers some breathing room while frustrating sellers.<\/h2>\n

The share of U.S. homes that were listed for 30 days or longer without going under contract increased 12.5% in July from a year earlier. Put another way, roughly two-thirds (61.2%) of for-sale homes were on the market for at least 30 days, up from 54.4% a year earlier.<\/p>\n

That\u2019s the first year-over-year increase in \u201cstale\u201d housing supply since the beginning of the pandemic and close to the biggest uptick in Redfin\u2019s records, which go back to 2012. The only time it increased more (13.9% YoY) was in April 2020, when the housing market nearly ground to a halt. For this report, \u201cstale\u201d refers to homes that were on the market for at least 30 days without going under contract and were actively listed on the final day of the month, according to Redfin data.<\/p>\n

\"\"<\/p>\n

Homes staying on the market longer is a reflection of the housing market slowing<\/a> in response to 5%-plus mortgage rates and a shaky economy<\/a>. Rates shot up quickly in the first half of 2022, reaching 5.8%<\/a> in June before dropping slightly to an average of 5.4% in July. It has taken several months of buyers backing off<\/a> and sellers rushing to list their homes before the market cools further to culminate in inventory piling up.<\/p>\n

The uptick in stale inventory is one reason why the supply shortage is easing: The total number of U.S. homes for sale was up 4% year over year<\/a> in July, the biggest increase since mid-2019. That\u2019s largely due to homes staying on the market longer; the number of new <\/i>listings was down 6%.<\/p>\n

\u201cPeople want to know whether we\u2019ve officially shifted from a seller\u2019s market to a buyer\u2019s market. While there\u2019s not a clear line separating those two ideas, homes sitting on the market longer is a point in buyers\u2019 favor,\u201d said Redfin Deputy Chief Economist Taylor Marr<\/a>. \u201cBuyers can take their time making careful decisions about homes without worrying so much about bidding wars, offering over the asking price and waiving contingencies. It\u2019s a different story for sellers, who have spent the last two years hearing about their neighbors\u2019 homes getting multiple offers the day they go on sale. Now they need to price lower and get back to the basics<\/a> of selling a home, like staging and sprucing up painting, to get buyers\u2019 attention.\u201d<\/p>\n

A look at homes staying on the market for over two weeks and over two months also illustrates the slowing market. The share of for-sale homes listed for two weeks or longer was up 7.6% year over year in July (it rose from 74.6% to 80.3%), the second increase since the beginning of the pandemic (the first was a 0.1% uptick the previous month) and the biggest on record. And the share of for-sale homes on the market for 60 days or longer was up 6.8% (31.4% to 33.5%), the first increase since the beginning of the pandemic.<\/p>\n

Although homes are staying listed longer than they were at the height of the pandemic homebuying frenzy, time on market is still historically low. The typical home stayed on the market longer in 2018 and 2019 than now, for instance.<\/p>\n

The big year-over-year uptick in stale inventory is likely to stabilize soon, as it\u2019s partly a reflection of last year\u2019s red-hot housing market, when homes were selling very quickly. The typical home went under contract in 15 days<\/a> in July 2021–close to the fastest on record–prices hit an all-time high and the total number of homes for sale dropped to a record low, driven by sub-3% mortgage rates.<\/p>\n

The share of housing supply that was stale was stable before the pandemic, with any fluctuations largely due to typical seasonal patterns.<\/p>\n

Stale inventory has increased most in Oakland<\/h3>\n

The share of for-sale Oakland, CA<\/a> homes sitting on the market for at least 30 days was up 60.7% year over year\u00a0 in July, the biggest increase of the 50 most populous U.S. metros. It\u2019s followed by Phoenix<\/a>, where the share of stale inventory rose 54.5% year over year. Next come Austin<\/a> (50.9%) and a pair of Southern California metros: Anaheim<\/a> (49.7%) and Riverside<\/a> (46.7%).\u00a0 Fort Worth<\/a> (43.4%), Dallas<\/a> (42.9%), Washington, D.C.<\/a> (42.5%), Sacramento<\/a> 41.7%) and Seattle<\/a> (41.3%) round out the top 10.<\/p>\n

More than half of those places\u2013Oakland<\/a>, Phoenix<\/a>, Austin<\/a>, Anaheim<\/a>, Riverside<\/a>, Sacramento<\/a> and Seattle<\/a>\u2013are among the 20 housing markets that cooled fastest<\/a> in the first half of 2022.<\/p>\n

\u201cThe market did a 180-degree turn from early spring to late spring, with buyers backing out because of high mortgage rates.\u00a0 A lot of sellers are telling me they feel that they\u2019ve missed out on the hot market,\u201d said Christopher Johns<\/a>, a Redfin agent in Houston, where the share of stale inventory rose 10.2% year over year in July. \u201cI\u2019m reminding prospective sellers that we\u2019re not in a housing-market crash; it\u2019s a correction. If sellers list their home for slightly less than they would have five months ago, they\u2019re still likely to get a solid offer. And my advice to buyers is to remember that 5% rates aren\u2019t the end of the world; they can always refinance in the future if rates go down.\u201d<\/span><\/p>\n

The share of stale inventory declined in just one metro: Fort Lauderdale, FL<\/a>, where it was down about 1% year over year in July.<\/p>\n

Share of homes on the market longer than 30 days without going under contract, July 2022<\/h3>\n

50 most populous U.S. metros, ranked from biggest to smallest year-over-year increase<\/i>
\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t
Metro area<\/b><\/th>Share of homes on the market longer than 30 days<\/b><\/th>Share of homes on the market longer than 30 days, YoY<\/b><\/th>\n<\/tr>\n<\/thead>\n
Oakland, CA<\/a><\/td>49.9%<\/td>60.7%<\/td>\n<\/tr>\n
Phoenix, AZ<\/a><\/td>60.1%<\/td>54.5%<\/td>\n<\/tr>\n
Austin, TX<\/a><\/td>56.9%<\/td>50.9%<\/td>\n<\/tr>\n
Anaheim, CA<\/a><\/td>62.9%<\/td>49.7%<\/td>\n<\/tr>\n
Riverside, CA<\/a><\/td>66.8%<\/td>46.7%<\/td>\n<\/tr>\n
Fort Worth, TX<\/a><\/td>53.4%<\/td>43.4%<\/td>\n<\/tr>\n
Dallas, TX<\/a><\/td>55.6%<\/td>42.9%<\/td>\n<\/tr>\n
Washington, D.C.<\/a><\/td>66.1%<\/td>42.5%<\/td>\n<\/tr>\n
Sacramento, CA<\/a><\/td>56.3%<\/td>41.7%<\/td>\n<\/tr>\n
Seattle, WA<\/a><\/td>51.4%<\/td>41.3%<\/td>\n<\/tr>\n
San Diego, CA<\/a><\/td>54.6%<\/td>39.5%<\/td>\n<\/tr>\n
San Jose, CA<\/a><\/td>50.7%<\/td>36.4%<\/td>\n<\/tr>\n
Philadelphia, PA<\/a><\/td>80.2%<\/td>33.3%<\/td>\n<\/tr>\n
Minneapolis, MN<\/a><\/td>55.6%<\/td>32.3%<\/td>\n<\/tr>\n
Denver, CO<\/a><\/td>48.2%<\/td>31.0%<\/td>\n<\/tr>\n
San Antonio, TX<\/a><\/td>57.1%<\/td>29.4%<\/td>\n<\/tr>\n
Los Angeles, CA<\/a><\/td>66.4%<\/td>27.8%<\/td>\n<\/tr>\n
Las Vegas, NV<\/a><\/td>59.0%<\/td>27.5%<\/td>\n<\/tr>\n
Columbus, OH<\/a><\/td>50.5%<\/td>27.1%<\/td>\n<\/tr>\n
Montgomery County, PA<\/a><\/td>61.1%<\/td>26.3%<\/td>\n<\/tr>\n
Virginia Beach, VA<\/a><\/td>53.2%<\/td>26.0%<\/td>\n<\/tr>\n
Warren, MI<\/a><\/td>56.3%<\/td>23.8%<\/td>\n<\/tr>\n
Jacksonville, FL<\/a><\/td>59.3%<\/td>21.2%<\/td>\n<\/tr>\n
Kansas City, MO<\/a><\/td>60.2%<\/td>20.1%<\/td>\n<\/tr>\n
Tampa, FL<\/a><\/td>52.7%<\/td>18.6%<\/td>\n<\/tr>\n
New Brunswick, NJ<\/a><\/td>62.9%<\/td>16.8%<\/td>\n<\/tr>\n
San Francisco, CA<\/a><\/td>62.2%<\/td>16.0%<\/td>\n<\/tr>\n
Boston, MA<\/a><\/td>53.3%<\/td>15.6%<\/td>\n<\/tr>\n
Providence, RI<\/a><\/td>54.2%<\/td>15.4%<\/td>\n<\/tr>\n
Portland, OR<\/a><\/td>47.0%<\/td>15.0%<\/td>\n<\/tr>\n
Orlando, FL<\/a><\/td>55.6%<\/td>15.0%<\/td>\n<\/tr>\n
Baltimore, MD<\/a><\/td>53.0%<\/td>14.3%<\/td>\n<\/tr>\n
Nashville, TN<\/a><\/td>53.4%<\/td>13.9%<\/td>\n<\/tr>\n
Detroit, MI<\/a><\/td>61.4%<\/td>13.4%<\/td>\n<\/tr>\n
Atlanta, GA<\/a><\/td>58.5%<\/td>12.8%<\/td>\n<\/tr>\n
St. Louis, MO<\/a><\/td>55.2%<\/td>10.9%<\/td>\n<\/tr>\n
Indianapolis, IN<\/a><\/td>53.8%<\/td>10.7%<\/td>\n<\/tr>\n
Houston, TX<\/a><\/td>60.0%<\/td>10.2%<\/td>\n<\/tr>\n
Newark, NJ<\/a><\/td>65.6%<\/td>10.1%<\/td>\n<\/tr>\n
West Palm Beach, FL<\/a><\/td>65.2%<\/td>10.1%<\/td>\n<\/tr>\n
Cincinnati, OH<\/a><\/td>54.9%<\/td>8.3%<\/td>\n<\/tr>\n
Cleveland, OH<\/a><\/td>55.1%<\/td>8.2%<\/td>\n<\/tr>\n
Pittsburgh, PA<\/a><\/td>63.7%<\/td>7.7%<\/td>\n<\/tr>\n
Chicago, IL<\/a><\/td>64.3%<\/td>7.7%<\/td>\n<\/tr>\n
Nassau County, NY<\/a><\/td>64.4%<\/td>7.5%<\/td>\n<\/tr>\n
Milwaukee, WI<\/a><\/td>53.9%<\/td>4.6%<\/td>\n<\/tr>\n
New York, NY<\/a><\/td>76.0%<\/td>3.5%<\/td>\n<\/tr>\n
Charlotte, NC<\/a><\/td>53.6%<\/td>2.1%<\/td>\n<\/tr>\n
Miami, FL<\/a><\/td>72.0%<\/td>1.8%<\/td>\n<\/tr>\n
Fort Lauderdale, FL<\/a><\/td>63.0%<\/td>-0.9%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n","protected":false},"excerpt":{"rendered":"

A dearth of buyers and relatively few new listings are leading to an uptick in homes sitting on the market longer than a month. It\u2019s giving buyers some breathing room while frustrating sellers. The share of U.S. homes that were listed for 30 days or longer without going under contract increased 12.5% in July from […]<\/p>\n","protected":false},"author":13153,"featured_media":74803,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","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":"default","adv-header-id-meta":"","stick-header-meta":"default","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":[20],"dashboard":[],"coauthors":[124,297],"class_list":["post-74800","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-affordability"],"acf":[],"yoast_head":"\nA Growing Share of Home Listings Are Stale As Market Cools<\/title>\n<meta name=\"description\" content=\"A dearth of buyers and relatively few new listings are leading to an uptick in homes sitting on the market longer than a month. It\u2019s giving buyers some breathing room while frustrating sellers.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/homes-stale-housing-inventory-july-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A Growing Share of Home Listings Are Stale As Market Cools\" \/>\n<meta property=\"og:description\" content=\"A dearth of buyers and relatively few new listings are leading to an uptick in homes sitting on the market longer than a month. 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