(NewsNation) — Housing supply has increased 12% after more than half of the homes listed during November went unsold, the highest peak since 2020, according to Redfin.
The increase is a partial result of a swathe of unsold homes.
Per Redfin, active listings have been rising 0.5% month over month and 12.1% year over year on a seasonally adjusted basis.
More than half (54.5%) of November 2024 listings nationwide were on the market for a minimum of 60 days without going under contract, up 49.9% from a year prior.
“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,” Portland real estate agent Meme Loggins told Redfin.
Florida and Texas lead the nation in the highest amount of stale listings. Miami had 63.8% of its November listing exceed more than 60 days on the market, the highest among the top 50 metropolitan cities.
Austin (62.4%), Fort Lauderdale (62.3%), San Antonio (60.3%) and Orlando (59.9%) followed thereafter.
Meanwhile, Providence, Rhode Island, and Milwaukee, Wisconsin, had the lowest share. In Providence, 38.2% of listings exceeded 60 days without going under contract. Milwaukee followed closely with 38.8%.