More than half of U.S. home listings in February were on the market for over 60 days, totaling a record $347 billion in "stale" inventory, according to a Redfin report released March 30. The share of such listings rose 2 percent from February 2025, marking the highest level since 2019.
Core Facts & Developments
The typical home under contract in February spent 66 days on the market, Redfin says. About 52.2 percent of U.S. home listings had been on the market for more than 60 days, representing a record $347 billion in "stale" inventory. The share of stale inventory in the month was up by 2 percent from February 2025 (50.1 percent), marking the highest level since 2019.
Deeper Dive & Context
Market Imbalance and Economic Factors
The U.S. housing market is emerging from a sluggish winter, with home sales down 3.7 percent compared to a year earlier, at 318,107. Experts had anticipated improving affordability to boost demand this year, with mortgage rates falling around 6 percent. However, mortgage rates have climbed again following the start of the conflict in the Middle East, and home sales remain low.
Regional Disparities
The number of stale listings has exploded due to a massive imbalance between sellers and buyers. According to Redfin, there are a record 630,000 more sellers than buyers, and their properties are taking longer to sell (66 days) than ever before in the past ten years during this season. Miami, Florida, has the highest share of stale listings at 62.6 percent, followed by San Antonio, Texas, at 58.3 percent.
Economic and Policy Implications
The delayed spring home-buying season is attributed to concerns over the impact of the Iran war on the global and U.S. economy. The growth in inventory in the market, fueled by new construction, has exacerbated the correction in demand following the pandemic-era housing boom.