T
he US housing market continued to slow down in August, with nearly half (48%) of all listings lingering on the market for at least 60 days. This is the highest share for any August since 2019 and marks the fifth straight month of annual increases.
According to Redfin's analysis of listings on its website, the typical home took 37 days to find a buyer in August, six days longer than a year earlier. However, this pace varied significantly depending on location. Homes sold fastest in Seattle (12 days) and slowest in Florida metros like West Palm Beach (79 days), Fort Lauderdale (75 days), Jacksonville (65 days), and Miami (65 days).
The sluggish summer market has been attributed to rising mortgage rates, which have made it harder for buyers to secure financing. "We usually see home sales pick up when mortgage rates fall, but this year we are seeing the opposite—sales are dropping and homes are sitting longer on the market," said Redfin Senior Economist Sheharyar Bokhari.
To sell quickly, homes need to be immaculately presented and have unique features like a pool. "For a home to sell fast, or with multiple bids, it needs to be perfectly painted, clean, and manicured," said Andrew Vallejo, a Redfin Premier agent in Austin, TX.
The median days on market before going under contract varied significantly across major metros:
* Seattle: 12 days
* Indianapolis: 16 days
* Warren, MI: 17 days
* San Jose, CA: 18 days
* Oakland, CA: 20 days
In contrast, homes in Florida metros like West Palm Beach (79 days), Fort Lauderdale (75 days), Jacksonville (65 days), and Miami (65 days) took significantly longer to sell.
The data suggests that the housing market is seasonal, with unsold inventory typically peaking in winter and troughing in spring. However, this year's sluggish summer market has been a notable exception.
