The total value of homes listed for sale in the United States reached $347 billion, a new record for this time of year. This is due to an increase in the number of sellers compared to buyers, which prolongs the time homes remain on the market.
Florida records the highest percentage of stagnant inventory compared to areas such as the San Francisco Bay, according to a partnership between Redfin and Compass, which offers sellers a service to test the market before the official listing to avoid homes remaining unsold.
Data from last February showed that 52.2% of listed homes stayed on the market for more than 60 days, the highest rate since 2019. The value of long-listed homes increased by 4.3% compared to the previous year, reaching $347 billion.
The total value of homes listed for sale reached $636 billion, a level unchanged from last year despite rising home prices and sellers. However, the market is witnessing a slowdown in demand, with home sales declining by 3.1% year-over-year due to economic concerns and higher mortgage rates.
Home prices rose by nearly 1% annually, supporting the total inventory value, but selling has become more difficult, as homes under contract in February remained on the market for about 66 days—the longest duration in ten years.
According to Jason Gill from Redfin, sellers insist on high pricing despite trends that align more with buyers’ interests, leading most homes to sell below the asking price or be withdrawn after months on the market. Overall, the U.S. housing market faces challenges in balancing supply, demand, and pricing, which delays sales.
