Almost half of all homes remain unsold for at least 60 days, according to real estate brokerage Redfin. The stale sales figures persist despite the recent lowering of Fed rates.
Forty-eight percent of U.S. listings for August remain on the market, compared to last year’s 43.2 percent. This marks the fifth straight month there was an increase in the share of unsold homes, according to a Sept. 25 report from the brokerage.
“We usually see home sales pick up when mortgage rates fall, but this year we are seeing the opposite—sales are dropping and homes are sitting longer on the market,” said Redfin Senior Economist Sheharyar Bokhari, in a statement….