T
he US housing inventory shortage may be easing, but a key factor behind the recent increase in supply is unlikely to boost the stagnant market anytime soon. According to Redfin's latest report, the number of homes for sale jumped 12.1% year over year in November, reaching a four-year high.

    However, most homes on the market aren't selling due to being overpriced or in poor condition. Over half (54.5%) of listings had been on the market for more than 60 days, with many deemed too expensive by potential buyers. This is up 49.9% from last year and the highest share of stale inventory since 2019.

    The typical home that went under contract took 43 days to sell, the slowest November pace in four years. Redfin Premier agent Meme Loggins notes that homes priced well and in good condition are selling quickly, but overpriced properties can sit for months.

    Texas and Florida have the highest rates of old listings on the market, with Miami having the greatest share of homes listed for more than 60 days at 63.8%. The housing market's stagnation is attributed to soaring home prices and mortgage rates, making homeownership unaffordable for many Americans.