About 52.2 percent of U.S. home listings in February had been on the market for more than 60 days, representing a record $347 billion in “stale” inventory, according to a March 30 Redfin report.
The share of stale inventory in the month was up by 2 percent from February 2025 (50.1 percent), marking the highest level since 2019, the report shows.
Redfin defines a stale listing as “a home that has been on the market for 30 days or more without serious buyer interest.”
Redfin noted that the multi-billion-dollar value of stale inventory was up by 4.3 percent year over year and is the highest dollar amount on record for February. The report attributes the increase in dollar amount to “thousands more home sellers than buyers,” which is causing homes to sit on the market.
“Sellers know it’s a buyer’s market, but they still want to get as much money as they can for their home,” Redfin premier New Orleans agent Jason Gale said in the report. “There are still deals to be made, but nine times out of 10, homes are selling for under their asking price.”
Gale added that in some circumstances, the listing prices were set too high, and sellers often opt to remove their homes from the market after six months or more.
Redfin’s analysis of total inventory shows there were more than $636 billion worth of homes for sale nationwide in February—an amount comparable to the same period last year. While the 2025 number skewed just 0.01 percent higher, both 2025 and 2026 represent the highest dollar amounts on record for February.
In terms of the total number of homes on the market, Redfin noted that there were a record 630,000 more home sellers than buyers, contributing to the length of time needed to sell a home.
According to the report, U.S. home sales declined by 3.1 percent year over year last month.
“House hunters are wary of high mortgage rates and high prices, and they’re jittery because of economic uncertainty, including fears about layoffs, inflation, and the Iran war,” the report states.
As of February, the total number of homes for sale increased by 1.5 percent year over year, while the time spent on the market averaged 66 days—the slowest pace in more than 10 years for February.
Despite these setbacks, home prices continued to rise slightly, with the median price up by 1 percent year over year. Redfin reported the February median home price at $429,189.
Regionally, Miami had the biggest share of stale listings at 62.6 percent, with more than $15.8 billion of stale inventory. San Antonio, Texas, followed at 58.3 percent; Pittsburgh, Pennsylvania, at 58.1 percent; and West Palm Beach, Florida, at 55.9 percent. The report identified Miami, San Antonio, and West Palm Beach as major buyer markets now.
The San Francisco Bay Area showed the smallest share of state listings, with the San Jose metro at just 19.8 percent and $524 million in stale listings. San Francisco had 24 percent of listings classified as stale, Oakland had 31.1 percent, and Anaheim had 34.1 percent. In San Jose, sellers outnumbered buyers by just 10 percent, while San Francisco was considered a balanced market, with roughly equal numbers of buyers and sellers.
As buyers are often wary of homes sitting on the market for a long time, Redfin recently partnered with Compass to expand Redfin listings and allow sellers to list their homes without showing days on the market, price history, or valuation estimates.
“Sellers who test pricing strategies with phased marketing may be less likely to see their homes sit on the market,” the report states. “Overpricing your home by 10 percent or more can increase time on market by more than a month.”
