The number of homes in the U.S. that have been listed for sale for 30 days or longer without going under contract in July jumped 12.5% from the same period a year ago, according to online real estate services company Redfin Corp. That’s the second-biggest jump for monthly “stale” listings on record, which goes back to 2012, just behind the record 13.9% jump in April 2000, and marks the first increase since the start of the pandemic. With the increase, 61.2% of U.S. home listings were “stale.” Redfin said the increase in “stale” listings reflects a slowing housing market in response to higher mortgage rates and a “shaky” economy. “People want to know whether we’ve officially shifted from a seller’s market to a buyer’s market,” said Redfin Deputy Chief Economist Taylor Marr. “While there’s not a clear line separating those two ideas, homes sitting on the market longer is a point in buyers’ favor.” Redfin’s stock slumped 5.1% in morning trading, and has plunged 70.1% year to date while the S&P 500 SPX,
Source: Marketwatch
