Housing supply jumps to 4-year high – but it's not all great news

foxbusiness.com:

 The Claman Countdown panelists Dolly Lenz and Jenny Lenz analyze top places Americans want to live.

The housing inventory shortage that has been plaguing the U.S. for years appears to finally be easing, but a significant factor behind what is driving up supply provides little encouragement that the stagnant market will get moving again anytime soon.

A new report from Redfin says the number of homes for sale jumped to a four-year high in November, surging 12.1% year over year. But the major reason for the increase is that most homes on the market just aren't selling. 

Redfin data shows housing supply hit a four-year high in November, but mostly because a majority of houses for sale have sat on the market for more than two months. ( Liu Guanguan/China News Service/VCG via Getty Images / Getty Images)

More than half (54.5%) of homes on the market last month had been listed for more than 60 days, with many deemed too expensive by would-be buyers. According to Redfin data, that is up 49.9% from a year ago, and is the highest share of stale inventory for a November since 2019.

The report said that the typical home that went under contract last month did so in 43 days, which is also the slowest November pace since 2019.

WANT TO BUY A HOME IN 2025? HERE'S WHERE MORTGAGE RATES WILL LAND

«A lot of listings on the market are either stale or uninhabitable. There’s a lot of inventory, but it doesn’t feel like enough,» said Meme Loggins, a Redfin Premier real estate agent in Portland, Oregon. 

SERHANT. founder and 'Owning Manhattan' lead Ryan Serhant breaks down latest data around U.S. real estate, stating that fixing affordability begins with opening loan doors and freeing up federal land for home builds.

«I explain to sellers