Homes are selling at their slowest pace since the housing market nearly ground to a halt at the beginning of the pandemic, according to a new report from Redfin, a technology-powered real estate brokerage.
The typical home that sold during the four weeks ending January 8 was on the market for 44 days, the longest time span since April 2020, contributing to the biggest annual inventory increase on record. Pending home sales dropped 32% year over year to their lowest level on record and mortgage-purchase applications dropped to their lowest level since 2014.
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