Unsold Homes Surge Nationwide
Redfin senior economist Asad Khan explained that many homeowners who purchased during the intense pandemic market still expect very high prices for their homes. However, these expectations no longer match the current reality, leading sellers to become discouraged.
Market Challenges
As the housing market cools down, more sellers are withdrawing their homes from the market or delaying listing altogether. This shift causes the number of unsold homes to rise sharply across the country.
“Many homeowners who bought during the pandemic demand frenzy still expect sky-high prices,” said Asad Khan.
Low buyer demand paired with high prices has created a backlog of properties that remain unsold longer than usual.
Impact on Buyers and Sellers
Buyers face fewer new listings and often find themselves competing in a market where sellers have lost confidence. Meanwhile, sellers confront a tough choice: reduce prices or risk not selling at all.
Summary
The nationwide spike in unsold homes signals a cooling market where pandemic-driven price expectations no longer align with buyer behavior, causing sellers to exit or delay participation.
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