More homes are staying on the market for longer, creating more "stale" options and for now, an inability to determine if the US is in a buyers' market or sellers' market, according to a report from Redfin this week about July's listings.
Homes that were listed for 30 days or longer without going under contract increased 12.5% in July from a year earlier – the first year-over-year increase in such homes since the pandemic. Put another way, 61.2% of for-sale homes were on the market for at least 30 days, up from 54.4% a year earlier.
New York City-based real estate attorney Pierre Debbas tells GlobeSt.com that there is no sense of urgency now in the housing market.
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