Half of All Home Listings Have Gone Extra Stale, Unsold After 60 Days on Market
Redfin reports
The sluggish summer market continued to drag its heels in August, with home sales dropping to the lowest level since the start of the pandemic.
“We usually see home sales pick up when mortgage rates fall, but this year we are seeing the opposite—sales are dropping and homes are sitting longer on the market,” said Redfin Senior Economist Sheharyar Bokhari. “Last week’s big interest rate cut by the Federal Reserve will give buyers a boost in confidence, but it remains to be seen whether sales will speed up in any meaningful way as we move into the slower Fall season.”
Nearly
Nearly seven out of every 10 homes (
It was the sixth consecutive month that the share of month-old listings increased and the highest share for any August since before the pandemic in 2019.
“For a home to sell fast, or with multiple bids, it needs to be immaculately presented and have a unique design, or additional features like a pool,” said Andrew
Homes sell in less than two weeks in
Another way to examine the speed of the market is by looking at the median number of days it takes for homes to find a buyer.
"Anyone who has been paying attention to the housing market over the past few years knows that desirable homes sell right away. That's been true ever since the overall market slowed down after mortgage rates shot up a couple years ago,” said Redfin Chief Economist Daryl Fairweather. “Now if a home is still on the market after a few weeks, buyers assume there's something wrong with it. That's why it's so important to price your home to move quickly. Buyers see the days on market, and when it starts to tick up, it's like a scarlet letter."
The typical
The typical
Major Metros With Fastest Sales
Metro |
Median Days On Market (Aug 2024) |
Year-Over-Year Difference |
|
12 |
+4 days |
|
16 |
+4 days |
|
17 |
+2 days |
|
18 |
+5 days |
|
20 |
+6 days |
|
20 |
+3 days |
|
20 |
+1 day |
|
21 |
+7 days |
|
21 |
+4 days |
|
21 |
-1 day |
At the other end of the spectrum, homes in
Major Metros With Slowest Sales
Metro |
Median Days On Market (Aug 2024) |
Year-Over-Year Difference |
|
79 |
+18 days |
|
75 |
+23 days |
|
65 |
+23 days |
|
65 |
+11 days |
|
65 |
+11 days |
|
57 |
+12 days |
|
55 |
+14 days |
|
53 |
+8 days |
|
50 |
+1 day |
|
49 |
No change |
One reason homes are selling slower in
To view the full report, including charts, additional metro-level data and methodology, please visit: https://www.redfin.com/news/sales-speed-stale-listings-august-2024
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press@redfin.com
Source: Redfin