Housing Supply Surges As Homes Sit on Market for Longer

• Active home listings climbed to a four-year high last month, up 12% from a year ago, Redfin says.
• Florida and Texas, in particular, have seen a surge in stale inventory amid a boom in homebuilding.
• Would-be buyers continue to face high prices and mortgage rates, keeping them renting or locked into their current homes.

The US housing market is seeing more inventory pile up as would-be buyers remain reluctant amid elevated prices.