11:19 ET - In November, the number of homes for sale hit its highest since 2020, up 0.5% from October and 12.1% from last year, according to Redfin. But that's not necessarily good news. A major reason for the jump in supply, Redfin says, is a build-up of unsold homes, many of which buyers have deemed undesirable because they seem overpriced or are uninhabitable. More than half--54.5%--of home listings in November sat on the market for at least 60 days without going under contract. Homes priced at or below $650,000, which usually see high demand, are now often stuck because sellers are likely to set prices too high.(chris.wack@wsj.com)

(END) Dow Jones Newswires

December 30, 2024 11:19 ET (16:19 GMT)

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