US existing-home inventory surges to 2020 high as sales plunge

Posted on February 14, 2025   |  

Homebuyers have more choices since 2020, but higher costs make monthly payments harder to manage.

Pending home sales hit a record low in January, falling 4.2% from the previous month and 6.3% from last year.

Home listings reached their highest level since the pandemic began, rising 0.3% monthly and 12.9% year-over-year.

New listings increased to their highest point since July 2022, with a 1.9% monthly rise and 4.7% growth from last year.

Homes are taking longer to sell, with the average property sitting on the market for 56 days—the longest January wait since 2020.

Existing-home sales dropped by 1.7% in January, reaching an annual rate of 4.3 million—the biggest decline since October 2023.

Mortgage rates climbed to their highest in eight months, with the 30-year fixed rate rising to 6.96% from 6.72% in December.

Home purchase cancellations hit a record high for January, with 41,000 agreements canceled—14.3% of contracts.