Report shows growing gap between sellers and buyers as homes linger on the market and sell below asking price.
By yourNEWS Media Newsroom
More than half of residential property listings in the United States remained on the market for extended periods in February, as an imbalance between sellers and buyers contributed to a buildup of unsold inventory, according to a new report from Redfin.
The analysis found that 52.2 percent of homes listed nationwide had been on the market for more than 60 days, representing approximately $347 billion in what the firm classifies as “stale” inventory. Redfin defines a stale listing as a property that has been available for at least 30 days without significant buyer interest.
That share marks an increase from 50.1 percent during the same month last year and is the highest level recorded for February since 2019. The total dollar value of these listings also rose 4.3 percent year over year, reaching the highest February level on record.
The report attributes the rise in unsold homes to a widening gap between supply and demand. Data shows there were roughly 630,000 more sellers than buyers in February, contributing to longer listing durations and downward pressure on sale prices.
“Sellers know it’s a buyer’s market, but they still want to get as much money as they can for their home,” said Jason Gale, a Redfin agent based in New Orleans. “There are still deals to be made, but nine times out of 10, homes are selling for under their asking price.”
Gale noted that some homes are initially priced above market value, leading to extended time on the market. In some cases, sellers remove listings after several months if offers do not meet expectations.
Across the broader housing market, total inventory reached more than $636 billion in February, roughly in line with the previous year but representing one of the highest February totals on record. Despite increased supply, home sales declined by 3.1 percent compared to a year earlier.
Market conditions have been influenced by several factors, including elevated mortgage rates, higher home prices, and broader economic uncertainty. The report cites concerns about layoffs, inflation, and geopolitical developments as contributing to buyer hesitation.
Homes that did sell in February spent an average of 66 days on the market, the longest timeframe for that month in more than a decade. At the same time, the median home price rose modestly by 1 percent year over year to $429,189.
Regional trends show significant variation in how long properties remain unsold. Miami recorded the highest share of stale listings at 62.6 percent, representing more than $15.8 billion in inventory. Other markets with elevated levels included San Antonio at 58.3 percent, Pittsburgh at 58.1 percent, and West Palm Beach at 55.9 percent.
In contrast, parts of San Francisco Bay Area showed lower levels of stale inventory. The San Jose metro area recorded 19.8 percent of listings as stale, while San Francisco and Oakland reported 24 percent and 31.1 percent, respectively. Anaheim stood at 34.1 percent.
Buyer-seller balance also varied by region. San Jose showed a relatively narrow gap, with sellers outnumbering buyers by about 10 percent, while San Francisco was described as more balanced.
The report also highlights changing strategies among sellers as properties remain on the market longer. Redfin has partnered with Compass to expand listing visibility and allow some properties to be marketed without displaying metrics such as days on market or pricing history.
According to the analysis, pricing remains a key factor in how quickly homes sell. Listings priced significantly above market value—by 10 percent or more—can remain unsold for extended periods, often exceeding an additional month on the market.
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