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ew housing data from Redfin and Zillow suggests that some potential sellers are holding off on listing their homes due to sluggish market activity. The latest numbers indicate a fourth consecutive summer of slow demand, with home sales at the lowest pace for this time of year in over a decade. According to Redfin, the typical home spent 43 days on the market in July, up from last year and the longest stretch since 2015.

    Zillow's report estimates that homes took an average of 60 days to sell, also the longest for any July since tracking began. As a result, new listings are down 1.3% compared to last year, while inventory is up but active listings have decreased by 1%. Redfin Senior Economist Asad Khan notes that sellers are choosing not to list after seeing their neighbors' homes linger on the market or sell for below asking price.

    While national numbers show a sluggish summer, regional markets vary significantly. Zillow's report shows home values rising in half of the country, with high demand in the Northeast and Midwest. However, values are weakening in the South and West, but not enough to offset previous gains. Affordability is improving where builders can keep up with demand, highlighting the importance of continued construction.

    The 50 largest US metros have seen varying home value changes over the past year. Cleveland has experienced the greatest increase (4.7%), followed by Hartford, Connecticut (4.5%) and Louisville, Kentucky (3.9%). Tampa, Florida saw the largest drop in home value (-6.2%), with Austin, Texas and Miami following closely behind.