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US existing-home inventory surges to 2020 high as sales plunge
Posted on February 14, 2025 |
Homebuyers have more choices since 2020, but higher costs make monthly payments harder to manage.
Pending home sales hit a record low in January, falling 4.2% from the previous month and 6.3% from last year.
Home listings reached their highest level since the pandemic began, rising 0.3% monthly and 12.9% year-over-year.
New listings increased to their highest point since July 2022, with a 1.9% monthly rise and 4.7% growth from last year.
Homes are taking longer to sell, with the average property sitting on the market for 56 days—the longest January wait since 2020.
Existing-home sales dropped by 1.7% in January, reaching an annual rate of 4.3 million—the biggest decline since October 2023.
Mortgage rates climbed to their highest in eight months, with the 30-year fixed rate rising to 6.96% from 6.72% in December.
Home purchase cancellations hit a record high for January, with 41,000 agreements canceled—14.3% of contracts.