US home sellers now hold a record $698B in listings (+20.3% YoY), with $331B stuck unsold for 60+ days. Despite a 1.4% median price bump, demand is weak with homes taking 40 days to sell (vs. 35 last year), and 44% of listings languish.
redfin.com/news/record-dollar-…
U.S. Home Sellers Are Sitting on Nearly $700 Billion Worth of Listings, an All-Time High
More than $330 billion worth of listings have been sitting on the market for 60 days or longer. Rising inventory and slow homebuying demand is pushing up the total dollar amount of home listings, and will push down home-sale prices by the end of the …Dana Anderson (Redfin)
The Great Llama
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