Stale housing inventory · July 2022
U.S. for-sale homes sat 30+ days at the highest rate since the pandemic onset.
Share of for-sale homes actively listed for 30 days or more without going under contract on the last day of the month. The 50 most populous U.S. metros. The pandemic-onset spike of April 2020 (13.9% YoY) is the only comparable jump in the Redfin record back to 2012.
61.2%
of U.S. for-sale homes sat 30+ days without going under contract.
Up from 54.4% in July 2021.
↑ 12.5% YEAR-OVER-YEAR first jump since the pandemic onset (April 2020). New listings down 6%; total inventory up 4%.
OAKLAND +60.7% · PHOENIX +54.5% · AUSTIN +50.9% led the metros.
Source: Anderson & Sandoval-Olascoaga (2022), Redfin News · Redfin internal data on for-sale listings actively on the market for 30 days or more without going under contract, on the last day of July 2022 · sample: the 50 most populous U.S. metros · historical comparison series available from 2012 onward.
The analysis uses Redfin internal data on the 50 most populous U.S. metros, defining stale as a listing actively on the market for 30 days or more without going under contract by the last day of the month. The context: average 30-year mortgage rates climbed from below 4% in early 2022 to 5.4% by July, slowing buyer demand. New listings were down 6% year-over-year while total inventory rose 4%, leaving a thicker stock of older listings on the market. The same metros that posted the steepest pandemic-era price increases (Oakland, Phoenix, Austin) saw the steepest rebound in stale inventory as buyer activity in those markets fell hardest.