Total Number of Homes for Sale Jumps by Record Amount as Housing Market Slowdown Continues
Home sale numbers in the United States rose by a record, while new listings fell amid a slowing down in the housing market, according to real estate brokerage firm Redfin.
There was a 15 percent increase in the total number of houses available for sale for the week ended Dec. 4 when compared to a year back, as noted in a news release on Dec. 8. This is the largest increase on record. New listings declined by more than 20 percent, indicating that more homes are just sitting on the market while potential buyers wait for a fall in home prices and mortgage rates.
The slowdown in the housing market was evidenced by the longer time it took to sell. A typical home in the market took 37 days to be sold, up from a record low of 17 in June. It is also higher than the 28 days from a year back, registering the highest annual slowdown….