The housing market is showing signs of strain as active listings in November 2024 were 12.1% higher than the previous year, reaching the highest level since 2020. However, over half of these homes (54.5%) remained unsold for at least 60 days, the highest share for any November since 2019. This indicates a significant slowdown in sales, with homes taking an average of 43 days to go under contract, the slowest pace for November since 2019. Despite the increase in inventory, the market is grappling with high mortgage rates, which have been above 7% since October, and rising home prices, up 3.6% year-over-year in October. The combination of these factors has led to a challenging environment for buyers, with the cost of homeownership at its highest in decades when adjusted for inflation.
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