The housing inventory shortage that has plagued the U.S. for years appears to be finally easing, but a major factor behind what’s driving supply is providing little stimulus that the stagnant market will be moving again soon.

a new one Redfin report says the number of homes for sale rose to a four-year high in November, up 12.1% year over year. But the main reason for the increase is that most homes on the market simply aren’t selling.

Redfin data shows that home supply hit a four-year high in November, but mostly because most homes for sale have been on the market for more than two months. (Liu Guanguan/China News Service/VCG via Getty Images/Getty Images)

More than half (54.5%) of homes on the market last month it had been listed for more than 60 days, and many considered it too expensive for potential buyers. That’s up 49.9% from a year ago, according to Redfin data, and the highest share of obsolete inventory for a November since 2019.

The report said the typical home that went under contract last month did so in 43 days, which is also the slowest pace for November since 2019.

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“A lot of listings on the market are outdated or uninhabitable. There’s a lot of inventory, but it doesn’t seem like enough,” said Meme Loggins, a Redfin Premier Realtor in Portland, Ore.

“I explain to sellers that their house is going to be on the market if it’s not priced fairly,” Loggins said. “Houses that are well priced and in good condition fly away in three to five days, but overpriced houses can sit for more than three months.”

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The data shows that Texas and Florida have the highest rates of old listings in the market. Miami has the highest share of homes on the market for more than 60 days than any other major metro at 63.8%, followed by Austin, which has 62.4% of listings that have been on the market for more than two months without being under contract.

The affordability crisis has left most homes on the market unsold for more than 60 days. (Fox News)

The housing market experienced a flurry of activity driven by high demand during the pandemic, but has stalled due to rising home prices and type of mortgage have led to an ongoing affordability crisis that has pushed home ownership out of reach for many Americans.

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Housing costs repeatedly broke records in 2024, and a report from the National Association of Realtors’ (NAR) annual survey of buyers and sellers found that first time home buyer share dropped from 32% in 2023 to 24% in 2024, the lowest share since NAR began collecting data in 1981.

Lindsay Kornick of FOX Business contributed to this report.