Housing supply improves, but market remains stagnant
(MENAFN) The US has faced a long-standing shortage of housing, but it seems that the situation is finally starting to improve. However, the key reasons behind the increase in available homes offer little optimism that the market will regain momentum anytime soon.
A recent Redfin report reveals that the number of homes for sale reached its highest point in four years this November, rising by 12.1 percent compared to the previous year. Yet, the primary cause for this surge is that many homes simply aren't being sold. Over half (54.5 percent) of the properties available last month had been on the market for more than 60 days, with numerous listings considered overpriced by potential buyers. According to Redfin's data, this marks a 49.9 percent increase from last year and represents the largest portion of unsold homes in a November since 2019.
The report also noted that the typical home that went under contract last month did so in 43 days, the slowest pace for a November since 2019.
"A lot of listings on the market are either stale or uninhabitable. There’s a lot of inventory, but it doesn’t feel like enough," commented Meme Loggins, a Redfin Premier real estate agent in Portland, Oregon.
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