US housing market has record 'stale' listings. How California compares
The US housing market has seen a record number of 'stale' listings, with over half of February's listings remaining on the market for at least 60 days without going under contract. California metros such as Riverside, Los Angeles, and Sacramento have some of the highest shares of 'stale' listings, according to an analysis by Redfin.
The US housing market is experiencing a slowdown, with home sales falling 3.1% year over year in February. Homes are staying on the market for a record number of days, with over half of February's listings remaining active for at least 60 days. In California, metros like Riverside, Los Angeles, and Sacramento have high shares of 'stale' listings. The typical home that went under contract in February spent 66 days on the market, the slowest pace in a decade for this time of year. Redfin's analysis found that the Bay Area has the lowest share of 'stale' listings, with 19.8% in San Jose and 24% in San Francisco. Other US metros, such as Miami and San Antonio, also have high shares of 'stale' listings, indicating a buyer's market.
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