T
he US housing market continued its sluggish pace in August, with nearly half of all listings lingering on the market for at least 60 days. This marks the highest share since 2019 and a significant increase from last year's 43.2%. The stagnant summer market has led to a decline in home sales, which dropped to their lowest level since the start of the pandemic.

    According to Redfin Senior Economist Sheharyar Bokhari, the recent interest rate cut by the Federal Reserve may give buyers a boost in confidence, but it's unclear whether sales will pick up significantly as we enter the slower fall season. Nearly 70% of homes on the market last month had been sitting for at least 30 days, with the share increasing for six consecutive months.

    In some areas, homes are selling much faster than others. In Seattle, the typical home was snatched up in just 12 days, while in West Palm Beach, FL, it took a median of 79 days to find a buyer - 18 days longer than last year. The disparity is partly due to the surge in new homes built in Florida over the past few years, which has led to a decrease in demand as inbound migration levels off.

    Redfin Premier agent Andrew Vallejo notes that homes need to be immaculately presented and have unique features to sell quickly. In contrast, Chief Economist Daryl Fairweather emphasizes the importance of pricing homes correctly to move them quickly, as buyers often assume there's something wrong with a home if it stays on the market for too long.

    The typical US home was listed for 37 days before going under contract in August, six days longer than last year. However, results varied significantly depending on location, with Indianapolis and Warren, MI being among the fastest-selling markets, while West Palm Beach, FL and other Florida metros took much longer to sell.