More than half of U.S. home listings have lingered unsold for over two months. Sellers face a harsh new reality as buyer demand evaporates.

The Big Picture The U.S. housing market has become a standoff between stubborn sellers and absent buyers. **52.2%** of February's home listings spent at least 60 days on the market without going under contract, up from 50.1% a year earlier. This is the highest share since 2019.

In dollar terms, stale inventory totals $347 billion, a record high for this time of year. The total value of all homes for sale stands at $636 billion, essentially unchanged from a year ago but near historical peaks.

“Sellers know it's a buyer's market, but they still want to get as much money as they can for their home.”

Why It Matters This inventory buildup reflects a fundamental imbalance: there are **630,000** more sellers than buyers in the market. U.S. home sales fell 3.1% year over year in February, while the total number of homes for sale rose 1.5%.

Buyers remain wary of high mortgage rates, elevated prices, and economic uncertainty. Fears about layoffs, inflation, and geopolitical conflicts keep many potential purchasers on the sidelines.

Meanwhile, sellers continue to enter the market, hoping to cash in on still-high home values. The median home-sale price rose roughly 1% year over year. When prices increase, so does the total dollar value of homes for sale—and stale inventory.

The typical home that went under contract in February spent 66 days on the market—the slowest pace in a decade for this time of year. Florida shows the highest concentration of stale listings, while the Bay Area has the least.