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Supply surge … New data from Redfin (RDFN) reveals that housing supply in the U.S. has reached its highest level in four years. Active listings in November rose 12% year-over-year, driven by a growing number of unsold homes. Notably, more than 54% of these listings remained on the market for 60 days or longer, the largest share since 2019.

As a Redfin spokesperson put it: “There’s a lot of inventory, but it doesn’t feel like enough.” Redfin’s insights indicated that competitively priced homes sell quickly, while overpriced or outdated properties sit unsold for months. Florida and Texas lead in “stale inventory,” with cities like Miami and Austin seeing over 60% of listings linger unsold for over two months. Migration trends further complicate the picture. States like Florida, Texas, Arkansas, and the Carolinas have seen an influx of movers seeking lower costs, spurring demand and driving up housing prices. In contrast, states like New York, New Jersey, and California are seeing the highest degree of outbound migration. JK Moving, one of the largest moving companies in North America, adds additional context. President David Cox says that remote work and an aging population are key factors shaping demand. Seniors increasingly seek specialized housing, while remote workers reassess living arrangements. Cox predicts pent-up demand may drive a stronger housing market in 2025 as mortgage rates stabilize and buyers reenter the market.

You may start to see an exodus of residential real estate sales agents leaving the industry when the sales slow substantially or commissions are harder to come by.

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