Real estate company Redfin says the United States’ housing supply is at its highest level since 2020, but the company said it’s because many homes are on the market but haven’t sold.
“For all the talk of America’s housing shortage, one would think that’s great news. But the story is nuanced; a major reason for the jump in supply is a pileup of unsold homes, many of which buyers have deemed undesirable because they seem overpriced,” Redfin said in their report.
More than half of home listings in the United States in November had been on the market for at least two months, 60 days, without going under contract.
Redfin said that was the highest amount for any November since 2019, before the COVID-19 pandemic, and was up just shy of 50% compared to the previous year.
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