{"id":78249,"date":"2024-07-24T05:00:22","date_gmt":"2024-07-24T12:00:22","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78249"},"modified":"2024-07-23T12:31:43","modified_gmt":"2024-07-23T19:31:43","slug":"stale-inventory-june-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/stale-inventory-june-2024\/","title":{"rendered":"Nearly Two-Thirds of Home Listings Have Been Sitting on the Market Longer Than a Month As Buyers Grapple With High Costs"},"content":{"rendered":"

That\u2019s up from 60% a year ago. More home listings are growing stale because high housing costs are dampening demand, while the supply of homes for sale is growing.\u00a0<\/span><\/i><\/p>\n

Nearly two-thirds (64.7%) of homes that were on the market in June had been listed for at least 30 days without going under contract. That\u2019s up from 59.6% a year earlier, marking the biggest annual increase in a year, and the highest share of any June since 2020.\u00a0<\/span><\/p>\n

June was the fourth straight month in which the portion of homes sitting on the market for at least one month ticked up on a year-over-year basis. Less-desirable listings are sitting on the market, causing unsold inventory to pile up.<\/span><\/p>\n

\"\"<\/p>\n

This is based on an analysis of listings on Redfin.com going back through 2012 (the charts go back through 2019). Our report focuses on homes that spent at least 30 days on the market (and at least 60 days, which we discuss further down) and were actively listed for sale on the final day of the month. This data is seasonal; it typically peaks\u00a0 in the winter and troughs in the spring, which is why we focus on year-over-year changes.<\/span><\/p>\n

More homes are sitting on the market without finding a buyer because <\/span>record-high<\/span><\/a> home prices and elevated <\/span>mortgage rates<\/span><\/a> are giving buyers cold feet. And while demand is slow, supply is relatively high. The total number of homes for sale posted its biggest year-over-year gain on record in June because even though new listings are losing steam, many listings are sitting on the market, causing inventory to pile up.\u00a0<\/span><\/p>\n

\u201cOverall, the market is fairly stagnant,\u201d said Shay Stein, a Redfin Premier agent in Las Vegas. \u201cThere are more listings hitting the market, but a lot of them aren\u2019t in good condition or they\u2019re not in a desirable neighborhood\u2013and sellers are pricing unrealistically high. A lot of sellers are willing to let their home sit on the market until they get the price they want, and a lot of buyers aren\u2019t willing to pay sky-high prices when mortgage rates are still high. My advice to serious sellers is to price fairly and make cosmetic repairs before listing.\u201d\u00a0<\/span><\/p>\n

Stein noted that move-in ready, relatively affordable homes in popular neighborhoods, along with luxury homes that are priced fairly and don\u2019t need work, are still getting multiple offers and selling quickly.\u00a0\u00a0<\/span><\/p>\n

Stale inventory is growing fastest in Texas and Florida<\/h3>\n

In Dallas, 63% of listings sat on the market for at least 30 days in June, up from 52% a year earlier, the biggest uptick of all the major U.S. metros. It\u2019s followed by four Florida metros:\u00a0 Tampa, where 70% of homes on the market in June had been listed at least 30 days without going under contract, up from 60%, Fort Lauderdale (77%, up from 68%), Jacksonville (70%, up from 61%) and Orlando (69%, up from 60%).\u00a0<\/span><\/p>\n

There are a few reasons Florida and Texas are seeing the biggest increase in unsold inventory. Those states are building <\/span>more new homes<\/span><\/a> than other parts of the country, adding to <\/span>overall home supply<\/span><\/a> at a time when demand is fairly slow due to high housing costs, including skyrocketing insurance and HOA prices. Additionally, some homebuyers who live in Florida\u2013or are thinking about moving to Florida\u2013are having second thoughts due to the increasing prevalence and intensity of climate disasters.\u00a0<\/span><\/p>\n

The share of stale home listings increased year over year in 44 of the 50 most populous U.S. metros, and declined in just five\u2013though the decreases were small.\u00a0<\/span><\/p>\n

In Nassau County, NY, 57% of listings sat on the market for at least 30 days without going under contract, down from just over 58% a year earlier. Next come New York (70%, down from 72%), Las Vegas (59%, down from 60%), Newark, NJ (53.5%, down from 54.1%) and Warren, MI (50.6%, down from 51%). The share was essentially flat in Philadelphia (66.4%).\u00a0<\/span><\/p>\n

Over 40% of U.S. home listings sat on the market for at least 60 days in June<\/h3>\n

Nationwide, more than two in five (42.6%) homes that were on the market in June had been listed for at least <\/span>60<\/span><\/i> days without going under contract, up from 38.4% a year earlier\u2013the biggest annual increase in nearly a year. June is the third straight month in which the share of homes sitting on the market for at least two months has risen.<\/span><\/p>\n

\"\"<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Metro-level summary: Unsold inventory, June 2024<\/b><\/p>\n

50 most populous U.S. metros<\/span><\/i><\/p>\n

Share of listings sitting on the market for at least 30 days without going under contract<\/span><\/i><\/td>\n<\/tr>\n

U.S. metro area<\/b><\/td>\nShare of unsold listings sitting on the market for at least 30 days<\/b><\/td>\nShare of unsold listings sitting on the market for at least 30 days, YoY change (in percentage points)<\/b><\/td>\n<\/tr>\n
Anaheim, CA<\/span><\/td>\n50.6%<\/span><\/td>\n0.5<\/span><\/td>\n<\/tr>\n
Atlanta, GA<\/span><\/td>\n63.2%<\/span><\/td>\n5.0<\/span><\/td>\n<\/tr>\n
Austin, TX<\/span><\/td>\n70.6%<\/span><\/td>\n5.2<\/span><\/td>\n<\/tr>\n
Baltimore, MD<\/span><\/td>\n55.8%<\/span><\/td>\n2.4<\/span><\/td>\n<\/tr>\n
Boston, MA<\/span><\/td>\n49.2%<\/span><\/td>\n0.6<\/span><\/td>\n<\/tr>\n
Charlotte, NC<\/span><\/td>\n59.5%<\/span><\/td>\n3.0<\/span><\/td>\n<\/tr>\n
Chicago, IL<\/span><\/td>\n56.0%<\/span><\/td>\n0.4<\/span><\/td>\n<\/tr>\n
Cincinnati, OH<\/span><\/td>\n51.1%<\/span><\/td>\n0.4<\/span><\/td>\n<\/tr>\n
Cleveland, OH<\/span><\/td>\n54.2%<\/span><\/td>\n0.8<\/span><\/td>\n<\/tr>\n
Columbus, OH<\/span><\/td>\n49.3%<\/span><\/td>\n6.5<\/span><\/td>\n<\/tr>\n
Dallas, TX<\/span><\/td>\n63.4%<\/span><\/td>\n10.7<\/span><\/td>\n<\/tr>\n
Denver, CO<\/span><\/td>\n57.6%<\/span><\/td>\n7.0<\/span><\/td>\n<\/tr>\n
Detroit, MI<\/span><\/td>\n61.0%<\/span><\/td>\n0.8<\/span><\/td>\n<\/tr>\n
Fort Lauderdale, FL<\/span><\/td>\n77.3%<\/span><\/td>\n9.1<\/span><\/td>\n<\/tr>\n
Fort Worth, TX<\/span><\/td>\n64.2%<\/span><\/td>\n8.1<\/span><\/td>\n<\/tr>\n
Houston, TX<\/span><\/td>\n66.0%<\/span><\/td>\n4.6<\/span><\/td>\n<\/tr>\n
Indianapolis, IN<\/span><\/td>\n57.4%<\/span><\/td>\n5.6<\/span><\/td>\n<\/tr>\n
Jacksonville, FL<\/span><\/td>\n69.8%<\/span><\/td>\n8.7<\/span><\/td>\n<\/tr>\n
Kansas City, MO<\/span><\/td>\n60.8%<\/span><\/td>\n4.6<\/span><\/td>\n<\/tr>\n
Las Vegas, NV<\/span><\/td>\n59.4%<\/span><\/td>\n-1.1<\/span><\/td>\n<\/tr>\n
Los Angeles, CA<\/span><\/td>\n60.8%<\/span><\/td>\n3.0<\/span><\/td>\n<\/tr>\n
Miami, FL<\/span><\/td>\n76.7%<\/span><\/td>\n3.0<\/span><\/td>\n<\/tr>\n
Milwaukee, WI<\/span><\/td>\n46.9%<\/span><\/td>\n3.8<\/span><\/td>\n<\/tr>\n
Minneapolis, MN<\/span><\/td>\n53.9%<\/span><\/td>\n4.5<\/span><\/td>\n<\/tr>\n
Montgomery County, PA<\/span><\/td>\n49.7%<\/span><\/td>\n1.4<\/span><\/td>\n<\/tr>\n
Nashville, TN<\/span><\/td>\n63.1%<\/span><\/td>\n1.7<\/span><\/td>\n<\/tr>\n
Nassau County, NY<\/span><\/td>\n56.5%<\/span><\/td>\n-1.8<\/span><\/td>\n<\/tr>\n
New Brunswick, NJ<\/span><\/td>\n55.6%<\/span><\/td>\n1.5<\/span><\/td>\n<\/tr>\n
New York, NY<\/span><\/td>\n69.9%<\/span><\/td>\n-1.7<\/span><\/td>\n<\/tr>\n
Newark, NJ<\/span><\/td>\n53.5%<\/span><\/td>\n-0.6<\/span><\/td>\n<\/tr>\n
Oakland, CA<\/span><\/td>\n50.8%<\/span><\/td>\n6.9<\/span><\/td>\n<\/tr>\n
Orlando, FL<\/span><\/td>\n68.6%<\/span><\/td>\n8.6<\/span><\/td>\n<\/tr>\n
Philadelphia, PA<\/span><\/td>\n66.4%<\/span><\/td>\n0.0<\/span><\/td>\n<\/tr>\n
Phoenix, AZ<\/span><\/td>\n67.4%<\/span><\/td>\n6.6<\/span><\/td>\n<\/tr>\n
Pittsburgh, PA<\/span><\/td>\n62.3%<\/span><\/td>\n1.8<\/span><\/td>\n<\/tr>\n
Portland, OR<\/span><\/td>\n61.8%<\/span><\/td>\n5.7<\/span><\/td>\n<\/tr>\n
Providence, RI<\/span><\/td>\n48.5%<\/span><\/td>\n2.5<\/span><\/td>\n<\/tr>\n
Riverside, CA<\/span><\/td>\n64.3%<\/span><\/td>\n4.1<\/span><\/td>\n<\/tr>\n
Sacramento, CA<\/span><\/td>\n54.4%<\/span><\/td>\n8.1<\/span><\/td>\n<\/tr>\n
San Antonio, TX<\/span><\/td>\n70.2%<\/span><\/td>\n5.7<\/span><\/td>\n<\/tr>\n
San Diego, CA<\/span><\/td>\n52.5%<\/span><\/td>\n7.3<\/span><\/td>\n<\/tr>\n
San Francisco, CA<\/span><\/td>\n62.5%<\/span><\/td>\n2.1<\/span><\/td>\n<\/tr>\n
San Jose, CA<\/span><\/td>\n45.8%<\/span><\/td>\n1.7<\/span><\/td>\n<\/tr>\n
Seattle, WA<\/span><\/td>\n49.3%<\/span><\/td>\n1.3<\/span><\/td>\n<\/tr>\n
St. Louis, MO<\/span><\/td>\n55.1%<\/span><\/td>\n2.3<\/span><\/td>\n<\/tr>\n
Tampa, FL<\/span><\/td>\n70.3%<\/span><\/td>\n9.9<\/span><\/td>\n<\/tr>\n
Virginia Beach, VA<\/span><\/td>\n53.3%<\/span><\/td>\n5.9<\/span><\/td>\n<\/tr>\n
Warren, MI<\/span><\/td>\n50.6%<\/span><\/td>\n-0.4<\/span><\/td>\n<\/tr>\n
Washington, DC<\/span><\/td>\n54.0%<\/span><\/td>\n1.6<\/span><\/td>\n<\/tr>\n
West Palm Beach, FL<\/span><\/td>\n77.2%<\/span><\/td>\n6.4<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

That\u2019s up from 60% a year ago. More home listings are growing stale because high housing costs are dampening demand, while the supply of homes for sale is growing.\u00a0 Nearly two-thirds (64.7%) of homes that were on the market in June had been listed for at least 30 days without going under contract. That\u2019s up […]<\/p>\n","protected":false},"author":13153,"featured_media":78252,"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":"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":"set","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":[20,623],"coauthors":[124],"class_list":["post-78249","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-affordability","tag-national"],"acf":[],"yoast_head":"\nNearly Two-Thirds of Home Listings Have Been Sitting on the Market Longer Than a Month As Buyers Grapple With High Costs<\/title>\n<meta name=\"description\" content=\"That\u2019s up from 60% a year ago. 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