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That figure, reported by Redfin, is based on the combined asking prices of all active home listings across the US at the end of April. It marks a 20.3 percent increase from one year ago, and the highest value since Redfin began tracking the data in 2012.
Much of that growth is driven by stale inventory. More than $330 billion worth of homes have sat on the market for 60 days or longer, according to the report. That subset now makes up nearly half of all listings, the most for any April since 2020.
Homes are also sitting longer. The median time to contract rose to 40 days in April, up from 35 a year earlier. And while sellers are flooding the market — inventory is up nearly 17 percent year over year, and new listings have reached a three-year high — many would-be buyers are backing off.
Despite a 1.4 percent year-over-year increase in median home-sale prices, Redfin analysts say the imbalance between supply and demand may force modest price drops later this year.
"Not only are there more homes for sale than there have been in five years, but the value of those homes is higher than it has ever been," said Chen Zhao, head of Redfin’s economics research. "We expect rising inventory, weakened demand, and the prevalence of stale supply to push home prices down 1 percent by the end of this year, which should improve affordability for buyers because incomes are still going up."
Redfin, a technology-driven real estate company, operates in more than 100 markets in the United States and Canada.
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