The United States housing supply is on the rise, increasing 12% after more than half of the homes listed during November went unsold, pushing the number on the market to the highest seen since 2019, according to a new report.
The report comes from Redfin, which noted that the increase is an ongoing trend despite the helpful boost from unsold listings over the last two months. In total, active listings have been rising 0.5% month over month and 12.1% year over year on a seasonally adjusted basis, the report shared.
Of the homes that were put on the market nationwide in November 2024, 54.5% of them were still listed after being on the market for a minimum of 60 days. That number was up from 49.9% a year prior.
“A lot of listings on the market are either stale or uninhabitable,” Portland real estate agent Meme Loggins shared with Redfin. “There’s a lot of inventory, but it doesn’t feel like enough.”
Among the areas to see a boost in stale listings include Florida and Texas, which both have several cities where homes have been sitting on the market.
Miami led the way, with 63.8% of its November listings having sat on the market for more than 60 days. Following wereAustin, Texas (62.4%), Fort Lauderdale, Florida (62.3%), San Antonio, Texas (60.3%), and Orlando, Florida (59.9%).
On the other end of the spectrum, Redfin reported that Providence, Rhode Island (38.2%) and Milwaukee, Wisconsin (38.8%).