Redfin Reports 65% of Home Listings Have Been Sitting on the Market Longer Than a Month, Up From 60% a Year Ago
Redfin reports a significant increase in stale home listings across the U.S. housing market. In June, 64.7% of homes on the market had been listed for at least 30 days without going under contract, up from 59.6% a year earlier. This marks the biggest annual increase in a year and the highest share for any June since 2020.
The trend is attributed to record-high home prices and elevated mortgage rates dampening buyer demand, while supply remains relatively high. Texas and Florida are experiencing the fastest growth in stale inventory, with Dallas seeing the most significant uptick among major U.S. metros. The report also notes that 42.6% of national home listings in June had been on the market for at least 60 days, up from 38.4% a year earlier.
Redfin riporta un aumento significativo nelle listazioni di case invendute nel mercato immobiliare degli Stati Uniti. A giugno, 64,7% delle case in vendita erano sul mercato da almeno 30 giorni senza andare sotto contratto, in aumento rispetto al 59,6% dello scorso anno. Questo segna il maggiore aumento annuale in un anno e la quota più alta per un mese di giugno dal 2020.
La tendenza è attribuita a prezzi immobiliari record e a tassi ipotecari elevati che hanno ridotto la domanda dei compratori, mentre l'offerta rimane relativamente alta. Texas e Florida stanno vivendo la crescita più rapida nelle scorte invendute, con Dallas che registra l'aumento più significativo tra le principali aree metropolitane degli Stati Uniti. Il rapporto nota anche che 42,6% delle offerte immobiliari nazionali a giugno erano sul mercato da almeno 60 giorni, in aumento rispetto al 38,4% dell'anno scorso.
Redfin informa de un aumento significativo en las listados de casas estancadas en el mercado inmobiliario de EE. UU. En junio, 64.7% de las casas en el mercado habían estado listadas durante al menos 30 días sin entrar en contrato, un aumento desde el 59.6% del año anterior. Esto marca el mayor aumento anual en un año y la mayor proporción para cualquier junio desde 2020.
La tendencia se atribuye a los precios de las viviendas en niveles récord y a tasas hipotecarias elevadas que disminuyen la demanda compradora, mientras que la oferta permanece relativamente alta. Texas y Florida están experimentando el crecimiento más rápido en inventario estancado, con Dallas viendo el aumento más significativo entre las principales áreas metropolitanas de EE. UU. El informe también señala que 42.6% de los listados de casas nacionales en junio habían estado en el mercado durante al menos 60 días, en comparación con el 38.4% del año anterior.
Redfin은 미국 주택 시장에서 유효기간이 지난 주택 목록이 상당히 증가했다고 보고했습니다. 6월에는 64.7%의 주택이 계약을 체결하지 않고 최소 30일 이상 시장에 나와 있었으며, 이는 지난해의 59.6%에서 증가한 수치입니다. 이는 지난 1년간 가장 큰 연간 증가율이며 2020년 이후 6월 중 가장 높은 비율입니다.
이 추세는 기록적인 주택 가격과 높은 모기지 금리가 구매자의 수요를 억제하고 있는 한편 공급은 상대적으로 높은 상태를 유지하고 있다는 데 원인이 있습니다. 텍사스와 플로리다는 유효기간이 지난 재고 증가가 가장 빠르게 이루어지고 있으며, 특히 달라스가 주요 미국 대도시 중에서 가장 큰 증가세를 보이고 있습니다. 이 보고서는 또한 6월의 국가 주택 목록 중 42.6%가 최소 60일 이상 시장에 있었던 것으로 나타났으며, 이는 지난해의 38.4%에서 증가한 수치입니다.
Redfin rapporte une augmentation significative des annonces de maisons invendues sur le marché immobilier américain. En juin, 64,7% des maisons sur le marché étaient listées depuis au moins 30 jours sans être sous contrat, contre 59,6% l'année précédente. Cela représente la plus grande augmentation annuelle en un an et la part la plus élevée pour un mois de juin depuis 2020.
Cette tendance est attribuée à des prix immobiliers record et à des taux hypothécaires élevés qui freinent la demande des acheteurs, tandis que l'offre reste relativement élevée. Le Texas et la Floride connaissent la croissance la plus rapide des inventaires invendus, avec Dallas affichant la plus forte augmentation parmi les grandes métropoles américaines. Le rapport indique également que 42,6% des annonces nationales de maisons en juin étaient sur le marché depuis au moins 60 jours, contre 38,4% l'année précédente.
Redfin berichtet von einem signifikanten Anstieg der veralteten Wohnungsangebote auf dem US-Immobilienmarkt. Im Juni waren 64,7% der angebotenen Häuser seit mindestens 30 Tagen auf dem Markt, ohne dass ein Vertrag zustande kam, im Vergleich zu 59,6% im Vorjahr. Dies stellt den größten Jahresanstieg seit einem Jahr dar und den höchsten Anteil für einen Juni seit 2020.
Der Trend wird auf rekordverdächtige Hauspreise und hohe Hypothekenzinsen zurückgeführt, die die Nachfrage der Käufer dämpfen, während das Angebot relativ hoch bleibt. Texas und Florida verzeichnen das schnellste Wachstum bei veralteten Beständen, wobei Dallas den stärksten Anstieg unter den großen US-Metropolen zeigt. Der Bericht weist außerdem darauf hin, dass 42,6% der nationalen Wohnungsangebote im Juni mindestens 60 Tage auf dem Markt waren, im Vergleich zu 38,4% im Vorjahr.
- Move-in ready, relatively affordable homes in popular neighborhoods are still getting multiple offers and selling quickly
- Luxury homes that are priced fairly and don't need work are also selling quickly
- 64.7% of homes on the market in June had been listed for at least 30 days without going under contract, up from 59.6% a year earlier
- Record high home prices and elevated mortgage rates are giving buyers cold feet
- The total number of homes for sale posted its biggest year-over-year gain on record in June
- 42.6% of U.S. home listings sat on the market for at least 60 days in June, up from 38.4% a year earlier
- Texas and Florida are seeing the biggest increase in unsold inventory due to new home construction and high housing costs
Insights
The real estate report from Redfin highlights a critical shift in market conditions that investors should pay attention to. Firstly, there is a noticeable increase in the number of homes sitting on the market for over a month, which has risen from 60% to nearly 65%. This stagnation indicates a cooling in buyer demand, likely influenced by high housing costs and elevated mortgage rates. For investors, this means that the real estate market is exhibiting signs of oversupply relative to current demand levels.
From a financial perspective, prolonged inventory buildup can put downward pressure on home prices, affecting companies involved in homebuilding and real estate services. It's essential to monitor if this trend continues as it could lead to price corrections. Additionally, the data suggests that homes in less desirable conditions or neighborhoods are contributing significantly to this inventory pile-up, which underlines the importance of property quality and location in this market.
Investors should consider the potential for increased price volatility in the housing market and the long-term effects of sustained high mortgage rates. Companies like Redfin, which depend on transaction volumes, might see a direct impact on their revenue if the market remains sluggish.
The increase in stale home listings, especially in key states like Texas and Florida, signals important regional trends. Texas and Florida are experiencing the fastest growth in unsold inventory due to their high rates of new home construction. This excess supply, compounded by the existing inventory, suggests that these markets are particularly vulnerable to price corrections.
For retail investors, understanding regional differences is crucial. The data implies that while some areas are seeing an uptick in unsold homes, others like Nassau County, NY and New York City are experiencing a slight decline in stale listings. This contrast could mean that investor strategies need to be tailored to specific regional conditions rather than a one-size-fits-all approach.
Also, the report emphasizes the significance of pricing strategies and home conditions. Homes that are move-in ready and located in desirable neighborhoods continue to perform well, suggesting that investors should focus on high-quality assets in prime locations to mitigate risks associated with slower market conditions.
The current state of the housing market as presented by Redfin shows a substantial increase in the percentage of homes that have remained on the market for extended periods. This trend is particularly pronounced in Texas and Florida due to substantial new home construction. High housing costs and increased mortgage rates are deterring potential buyers, which is a critical factor for stakeholders to consider.
For real estate investors, it’s important to note that while the market appears stagnant, there are still opportunities in homes that are well-maintained and located in popular neighborhoods. These properties are still attracting multiple offers and selling quickly. This insight underscores the need for investors to be selective about the properties they invest in, focusing on quality and location to ensure better liquidity and fewer holding costs.
Given the current economic environment, investors should also be prepared for longer holding periods and potential price negotiations. The market's reaction to mortgage rates and overall economic conditions will be key factors influencing future performance.
More listings are growing stale because high housing costs are dampening demand, while the supply of homes for sale is growing
June was the fourth straight month in which the portion of homes sitting on the market for at least one month ticked up on a year-over-year basis. Less-desirable listings are sitting on the market, causing unsold inventory to pile up.
More homes are sitting on the market without finding a buyer because record high home prices and elevated mortgage rates are giving buyers cold feet. And while demand is slow, supply is relatively high. The total number of homes for sale posted its biggest year-over-year gain on record in June because even though new listings are losing steam, many listings are sitting on the market, causing inventory to pile up.
“Overall, the market is fairly stagnant,” said Shay Stein, a Redfin Premier agent in
Stein noted that move-in ready, relatively affordable homes in popular neighborhoods, along with luxury homes that are priced fairly and don’t need work, are still getting multiple offers and selling quickly.
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To view the full report, including charts, methodology and more metro-level data, please visit: https://www.redfin.com/news/stale-inventory-june-2024
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix it up to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than
Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240724266984/en/
Redfin Journalist Services:
Kenneth Applewhaite
press@redfin.com
Source: Redfin
FAQ
What percentage of home listings in June 2023 were on the market for over 30 days according to Redfin (RDFN)?
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