More than half of U.S. home listings have lingered unsold for over two months. Sellers face a harsh new reality as buyer demand evaporates.

The Big Picture

The U.S. housing market has become a standoff between stubborn sellers and absent buyers. 52.2% of February's home listings spent at least 60 days on the market without going under contract, up from 50.1% a year earlier. This is the highest share since 2019.

In dollar terms, stale inventory totals $347 billion, a record high for this time of year. The total value of all homes for sale stands at $636 billion, essentially unchanged from a year ago but near historical peaks.

“Sellers know it's a buyer's market, but they still want to get as much money as they can for their home.”

Why It Matters

This inventory buildup reflects a fundamental imbalance: there are 630,000 more sellers than buyers in the market. U.S. home sales fell 3.1% year over year in February, while the total number of homes for sale rose 1.5%.