Home Listings Go Stale in February

Home listings are sitting on the market for longer. According to a recent report from real estate marketing platform Redfin, 52.5% of home listings sat on the market for at least 60 days before going under contract in February, up from 50.1% the year prior.

In other words, there’s a total of $347 billion worth of stale inventory on the market nationwide, an increase of 4.3% from the year prior and the highest dollar amount on record for February.

Why are home listings going stale?

Despite an increase of homes on the market, homebuyer demand is slow. U.S. home sales fell by 3.1% year-over-year in February as would-be buyers worry about high mortgage rates, growing home prices, and ongoing economic concerns. Meanwhile, the total number of homes for sale grew by 1.5% year-over-year during the same time.

Where are stale listings the most common?

Miami is home to the most stale listings. In the Miami metro, nearly two-thirds, or 62.6% of listings went stale in February. Miami was followed by San Antonio, where 58.3% of listings went stale, Pittsburgh, where 58.1% of listings went stale; and West Palm Beach, Fla., where 55.9% of listings went stale.