{"id":3394,"date":"2022-08-09T18:39:51","date_gmt":"2022-08-09T18:39:51","guid":{"rendered":"https:\/\/preprod.realtrends.com\/blog\/2022\/08\/09\/the-share-of-stale-listings-is-growing\/"},"modified":"2025-03-13T02:45:00","modified_gmt":"2025-03-13T02:45:00","slug":"the-share-of-stale-listings-is-growing","status":"publish","type":"post","link":"https:\/\/preprod.realtrends.com\/blog\/2022\/08\/09\/the-share-of-stale-listings-is-growing\/","title":{"rendered":"The share of stale listings is growing"},"content":{"rendered":"\n<p>The share of for-sale homes listed for longer than a month grew in July. During the month, the share of homes that were listed for 30 days or longer without going under contract rose 12.5% from July 2021 to 61.2%, according to a <a href=\"https:\/\/investors.redfin.com\/news-events\/press-releases\/detail\/771\/redfin-reports-a-growing-share-of-home-listings-are-stale\" target=\"_blank\" rel=\"noreferrer noopener\">report<\/a> from <strong>Redfin<\/strong> published on Tuesday.<\/p>\n\n\n\n<p>The report analyzed for sale listings in the 50 most populous U.S. metropolitan areas, identifying the share of \u201cstale\u201d listings, or those that were on the market for at least 30 days without going under contract.<\/p>\n\n\n\n<p>This is the first year-over-year increase in stale listings since the beginning of the pandemic and the second largest uptick in Redfin\u2019s records, which date back to 2012. The only other time this metric has increased more was in April 2020, when it rose 13.9% as the housing market ground to a halt at the start of the pandemic.<\/p>\n\n\n\n<p>In addition, the share of homes on the market for 60 days or longer rose 6.8% year over year to 33.5%, the first increase since the start of the pandemic.<\/p>\n\n\n\n<p>The rise in stale listings has helped increase the <a href=\"https:\/\/preprod.realtrends.com\/blog\/articles\/active-inventory-records-largest-annual-gain-in-june\/\" target=\"_blank\" rel=\"noreferrer noopener\">nationwide housing inventory<\/a>. In July, the total number of homes for sale was up 4% year over year due to homes staying on the market longer, as the number of new listings was down 6% compared to a year ago. &nbsp;<\/p>\n\n\n\n<p>\u201cPeople want to know whether we\u2019ve officially shifted from a seller\u2019s market to a buyer\u2019s market. While there\u2019s not a clear line separating those two ideas, homes sitting on the market longer is a point in buyers\u2019 favor,\u201d Taylor Marr, Redfin\u2019s deputy chief economist, said in a statement. \u201cBuyers can take their time making careful decisions about homes without worrying so much about bidding wars, offering over the asking price and waiving contingencies.\u201d<\/p>\n\n\n\n<p>Oakland, California saw the largest yearly increase in for-sale listing sitting on the market for at least 30 days, with a jump of 60.7% in July to an overall share of 49.9% of listings. Phoenix, Arizona recorded the second largest increase, as the share rose 54.5% to 60.1%, with Austin (+50.9%), Anaheim (+49.7%), Riverside (+46.7%), Fort Worth (+43.4%), Dallas (+42.9%), Washington, D.C. (+42.5%), Sacramento (+41.7%) and Seattle (+41.3%) rounding out the top 10.<\/p>\n\n\n\n<p>Oakland, Phoenix, Austin, Anaheim, Riverside, Sacramento and Seattle are also among the top 20 housing markets that <a href=\"https:\/\/preprod.realtrends.com\/blog\/articles\/pandemic-homebuying-hotspots-at-greater-risk-for-a-downturn\/\" target=\"_blank\" rel=\"noreferrer noopener\">cooled fastest<\/a> in the first half of 2022.<\/p>\n\n\n\n<p>Philadelphia, Pennsylvania had the largest share of homes on the market for at least 30 days at 80.2%, up 33.3% compared to a year ago. On the other end of the spectrum, Portland, Oregon had the smallest share of homes on the market for at least 30 days at 47.0%, up just 15.0% from a year ago.<\/p>\n\n\n\n<p>Fort Lauderdale, Florida was the only metro analyzed where the share of stale inventory declined year over year, dropping roughly 1% in July to 63.0%.<\/p>\n\n\n\n<p>Industry professionals attribute the <a href=\"https:\/\/preprod.realtrends.com\/blog\/articles\/housing-inventory-grows-as-interest-rates-scare-off-buyers\/\" target=\"_blank\" rel=\"noreferrer noopener\">rising share of stale housing inventory<\/a> to increasing mortgage rates pushing <a href=\"https:\/\/preprod.realtrends.com\/blog\/articles\/oh-no-look-at-this-agents-react-to-a-housing-market-slowdown\/\" target=\"_blank\" rel=\"noreferrer noopener\">some buyers<\/a> out of the market.<\/p>\n\n\n\n<p>\u201cA lot of sellers are telling me they feel that they\u2019ve missed out on the hot market,\u201d said Christopher Johns, a Houston-based Redfin agent. \u201cI\u2019m reminding prospective sellers that we\u2019re not in a housing-market crash; it\u2019s a correction. If sellers list their home for slightly less than they would have five months ago, they\u2019re still likely to get a solid offer.\u201d<\/p>\n\n\n\n<p>According to Redfin, while the typical time on market is rising in most markets, homes are still selling faster than they were in 2018 and 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stale listings are becoming more common. The share of homes that were listed for 30 days or longer without going under contract rose to 61.2% in July, according to Redfin.<\/p>\n","protected":false},"author":34740,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[1760],"class_list":["post-3394","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.4 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The share of stale listings is growing - RealTrends - Blog<\/title>\n<meta name=\"description\" content=\"The share of homes that were listed for 30 days or longer without going under contract rose to 61.2% in July, according to Redfin\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/preprod.realtrends.com\/blog\/2022\/08\/09\/the-share-of-stale-listings-is-growing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The share of stale listings is growing\" \/>\n<meta property=\"og:description\" content=\"The share of homes that were listed for 30 days or longer without going under contract rose to 61.2% in July, according to Redfin\" \/>\n<meta property=\"og:url\" content=\"https:\/\/preprod.realtrends.com\/blog\/2022\/08\/09\/the-share-of-stale-listings-is-growing\/\" \/>\n<meta property=\"og:site_name\" content=\"RealTrends - 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