U.S. Housing Market Faces Rising Inventory and Slower Sales

High mortgage rates and home prices contribute to a growing share of unsold properties, with Florida and Texas seeing the sharpest increases.

Active home listings in November 2024 were 12.1% higher than the previous year, reaching the highest level since 2020, according to Redfin.
Over half of all listings nationwide (54.5%) remained unsold for at least 60 days, the highest percentage for November since 2019.
Florida and Texas lead the nation in unsold inventory, with Miami reporting 63.8% of homes sitting on the market for over 60 days.
High mortgage rates, elevated home prices, and rising costs like insurance and HOA fees have deterred buyers and prolonged the selling process.
Pending home sales rose in November, signaling some buyer adjustment to current market conditions, but affordability challenges persist.