By Jeremy Duda | Axios
More than 47% of Phoenix home listings in April had been on the market for 60 days or longer without going under contract, Redfin data shows.
Why it matters: Listings are piling up nationally, many to the point of going “stale,” the real estate site reports.
The big picture: Across the country, there was nearly $700 billion worth of inventory for sale in April — a new high in Redfin data going back to 2012.
By the numbers: Roughly 44% of U.S. home listings (totaling over $330 billion) had been on the market for at least 60 days without going under contract, about three percentage points lower than Phoenix’s 47.1%.
- That’s the largest share for April since home-buying stalled early in the pandemic.
