Home Listings Hit Record High As People Struggle To Sell

Rising inventory and dwindling demand across the United States have led to the accumulation of a record $698 billion worth of homes for sale, the highest dollar amount recorded by Redfin since the real estate brokerage started tracking data in 2012.

It is terrible news for homeowners who might have bought their homes at stellar prices during the pandemic and are now unlikely to fetch the same amount reselling their property. But it is good news for prospective homebuyers who, despite still being burdened by historically elevated mortgage rates and rising costs, are likely to benefit from price drops very soon.