IE Business Daily Business news for the Inland Empire.
The U.S. housing market appears to be losing steam.
Homes for sale nationwide rose 5.1 percent in November, the lowest year-over-year increase in nearly two years, according to Redfin in Seattle.
New listings rose 0.9 percent, the lowest increase in two months. That’s a sign many homeowners are choosing not to put their home up for sale while demand is slow.
Delistings – houses that are being pulled from the market because they aren’t selling – have dropped recently, and pending home sales fell 2.6 percent from November, 2024, the biggest decline in eight months.
Homes that do sell spend an average of 50 days on the market, about one week longer than one year ago, Redfin reported.
“The pool of buyers is small, partly because we’re entering the slow season for real estate, but also because houses are expensive, rates are elevated, and people are feeling cautious about their pocketbooks,” said Carlos Castillo, a Redfin agent, in a statement. “I’m advising buyers to be strategic.”
