Claman Countdown panelists Dolly Lenz and Jenny Lenz analyze where Americans want to live.
The housing shortage that has plagued the U.S. for years appears to be finally easing, but the key factor behind what's driving supply is not encouraging. Stagnant market It will move again soon.
a new Report from Redfin It says the number of homes for sale in November hit a four-year high, up 12.1 percent year over year. But the main reason for the increase is that most of the houses on the market are not sold.
Housing supply hit a four-year high in November, Redfin data showed, but mostly because most homes for sale They have been in the market for more than two months. (Liu Guangguan/China News Service/VCG via Getty Images/Getty Images)
More than half (54.5%) of Houses on the market Last month it was listed for more than 60 days and many potential buyers thought it was too expensive. That's up 49.9 percent from last year and the highest share of old inventory in November since 2019, according to Redfin data.
Average homes that went under contract last month did so in 43 days, also the slowest November pace since 2019, the report said.
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“A lot of the listings on the market are either old or uninhabitable. There's a lot of inventory, but it doesn't seem like enough,” said Meme Loggins, a Redfin Premier real estate agent in Portland, Oregon.
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“I explain to sellers that if it's not priced right, their house will stay on the market,” Loggins said. Homes that are reasonably priced and in good condition are off the market in three to five days, but homes that are expensive can stay on the market for more than three months.
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The data shows that Texas and Florida have the highest rates of old listings in the market. Miami has the highest share of homes on the market for more than 60 days of any other major metro at 63.8 percent, followed by Austin with 62.4 percent of listings that have been without contract for more than two months.
The affordability crisis has left most homes on the market unsold for more than 60 days. (Fox News)
The housing market saw a flurry of activity due to high demand during the pandemic, but due to the sharp increase in housing prices and Mortgage rates It has led to an ongoing crisis in affordability that has put home ownership out of reach for many Americans.
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Housing costs broke records several times in 2024, and a report from the National Association of Realtors' (NAR) annual survey of buyers and sellers found that Share of first-time home buyers It fell from 32 percent in 2023 to 24 percent in 2024, the lowest share since NAR began collecting data in 1981.
FOX Business' Lindsay Cornick contributed to this report.