Housing supply hit a four-year high in November amid a growing number of homes sitting on the market unsold, Redfin (RDFN) reported on Monday.

Active listings, which reflect the total number of homes for sale, rose 0.5% month over month and about 12% annually in November to the highest level since 2020, according to the real estate brokerage.

Yet, about 55% of those listings sat on the market for at least 60 days without going under contract. That is the highest share of unsold inventory for any November since 2019 and is up roughly 50% from November 2023, the report showed.

Of those that did go under contract, the typical home was on the market for 43 days, which Redfin said was the slowest November pace since 2019.

"A lot of listings on the market are either stale or uninhabitable," said Meme Loggins, a Redfin Premier real estate agent. "There's a lot of inventory, but it doesn't feel like enough."

Homes $650,000 or below typically attract the most competition from buyers, according to Loggins. However, sellers in that price range are most likely to overprice, which causes their property to sit on the market, she said.

Well-priced homes in good condition are "flying off the market in three to five days, but homes that are overpriced can sit for over three months," Loggins said.

Texas and Florida have the highest share of unsold inventory among the top 50 metros tracked by Redfin, while Providence, Rhode Island, and Milwaukee, Wisconsin, have the lowest share.