The total number of homes for sale in November climbed to the highest level since 2020 on a seasonally adjusted basis, rising 0.5% month over month and 12.1% year over year, according to an analysis by Redfin.

While this may sound like a reason to celebrate, it might not be time to pop the cork just yet. One of the main reasons why there are so many more homes on the market is because they aren’t being sold.

One reason for this increasing number of unsold homes is that many buyers believe the current crop of available housing is overpriced, Redfin reports. More than 54% of the home listings in November had sat on the market for at least 60 days without going under contract. That is the highest number of November homes not under contract since 2019 and is up from 49.9% one year ago. The typical home that went under contract in November had been on the market for 43 days, also the slowest rate for November since 2019.

Of the 50 largest metropolitan areas in the country, Miami had the most listings (63.8%) in November that were on the market for 60 days or longer without going under contract. Austin was next (62.4%), followed by Fort Lauderdale (62.3%), San Antonio (60.3%) and Orlando (59.9%).

Redfin points out that Florida and Texas have been building more homes than anywhere else in the country, which is part of the reason that the inventory and long-term listings are surging. Florida is also being hurt by increasing insurance rates and homeowner association fees (HOA), along with a string of recent natural disasters. All of these reasons have made potential buyers more cautious.

Providence, Rhode Island, had the fewest listings (38.2%), among the top 50 metros, that were on the market for at least 60 days without going under contract. It was followed by Milwaukee (38.8%), Montgomery County, Pennsylvania (41.4%), Warren, Michigan (41.7%) and San Jose (41.8%).