T
he summer’s real‑estate showdown—buyers hesitant, sellers frustrated—has shifted into a more hopeful fall. Seven of the nation’s 50 largest metros now sit in buyer‑friendly territory, with a national months‑of‑supply figure of five, the first balanced summer since Realtor.com began tracking the metric in 2016.
Months of supply measures how long it would take to clear the current inventory at the present sales pace. A figure below four months signals a seller’s market; four to six months indicates balance; above six months tips the scale toward buyers. The June data, drawn from Realtor.com’s public records and MLS listings, placed the U.S. at five months, signaling equilibrium.
Miami leads the pack with 9.7 months of supply, meaning nearly ten months would be needed to sell all active listings at today’s pace. The city’s median list price fell 4.7% from last year to $510,000, while inventory jumped 35% and homes lingered 15 days longer on average. By August, the median price slipped to $500,000 and listings stayed 16 days longer, underscoring a softening market. Realtor.com’s senior economist, Jake Krimmel, notes that Miami has maintained over six months of supply since October 2023, cementing its buyer‑market status. Yet, Miami’s two distinct housing segments—older condos under $500,000 and higher‑priced single‑family homes—show varied dynamics. Agent Ana Bozovic stresses that buyers must understand the specific segment they target; while condos may offer negotiation room, single‑family homes under $500,000 do not.
Austin, Texas, follows with 7.7 months of supply. The pandemic‑era boomtown saw a surge in inventory, pushing the median listing price down 4.5% to $524,950. Nearly a third of Austin listings carried price cuts, and inventory rose 70% from pre‑pandemic levels. By August, the median price dipped below $500,000, and about 30% of listings featured reductions. Krimmel points out that Austin entered the buyer‑market category only last June, reflecting a recent shift.
Orlando, Florida, ranks third with 6.9 months of supply. The city’s median listing price fell 3.4% to $429,473 in June, and inventory jumped 34% year‑over‑year. By August, the median price dropped to $422,694, and homes stayed 14 days longer on the market, marking the fourth‑largest slowdown among the top 50 metros. Orlando has been a buyer’s market since January, when supply surpassed six months.
Other metros with elevated supply include New York City (6.7 months), Jacksonville, FL (6.3 months), Tampa, FL (6.3 months), and Riverside, CA (6.1 months). New York’s classification as a buyer’s market surprises many, given its traditionally tight supply. However, the city’s list prices have been flat, and price per square foot has declined 4–5% year‑over‑year, indicating underlying softness. Delistings—sellers pulling homes off the market—have risen sharply, with a 57% year‑over‑year jump in July, up from 48% in June. Miami, Phoenix, Riverside, and Tucson, AZ, saw the most delistings among the top metros.
Across the country, the national median listing price held steady at $429,990 in August, matching the previous year. Sellers faced affordability hurdles and high mortgage rates, leading many to either cut prices or withdraw listings. In August, more than 25% of U.S. homes for sale carried price reductions, a 1.1‑point increase from last year. The South and West saw the highest shares of discounted listings, with Denver, Portland, OR, and Jacksonville topping the list.
Economists predict that fall will remain favorable for buyers. Inventory lingers, and many sellers are withdrawing, creating opportunities for those who can navigate the nuanced market conditions. While the national picture shows balance, individual metros vary: some are firmly in buyer’s markets, others remain balanced, and a few stay seller‑friendly. Buyers should focus on specific segments—price points, property types, and local dynamics—to maximize leverage.
