As of the week ending July 19, homes are sitting on the market for eight days longer, compared to a year ago, as buyers remain on the sidelines, according to a July 24 Weekly Housing Trends report on the real estate listings website Realtor.
The median time homes sat on the market hit 58 days nationally, which happened amid active inventory jumping nearly 25 percent year-over-year, the 89th consecutive week of annual gains.
“There were more than 1 million homes for sale again last week, marking the 11th week in a row over the threshold, and the highest inventory level since November 2019,” the report said.
Despite more inventory and choices for buyers, high home costs kept them at bay, it added….