Record High of Unsold Homes in Four Years – A Sign of Crisis in the Housing Market?
In August 2024, the number of unsold homes, known as “unsellable housing” that remain on the market even after completion, hit a four-year high, indicating a deepening downturn in the housing market. In August 2024, the number of unsold homes, known as “unsellable housing” that remain on the market even after completion, hit a four-year high, indicating a deepening downturn in the housing market. With unsold housing in both metropolitan and regional areas, decreasing transaction volumes, and reduced housing supply, the future of the real estate market is at risk. This post will explore the causes behind the rise in unsellable homes, the current state of the housing market, and discuss future prospects. As of August 2024, the number of unsold homes after completion, commonly referred to as “unsellable housing,” reached 16,461 units. This marks the highest level since September 2020, reflecting the accelerating slowdown of the housing market. While the total number of unsold homes decrea...