Housing markets across the US are showing signs of trouble as homes linger on the market longer in 44 out of 50 major US metros.

The worst hit area is Miami, where houses are now sitting unsold for nearly three months — almost four weeks longer than a year ago.

According to a recent report from Realtor.com, homes across the nation remained on the market for an average of 60 days in August, which is seven days longer compared to last year and exceeds pre-pandemic averages.

Buyers remain hesitant, held back by high prices, shifting mortgage rates, and fears of a financial downturn. 

Meanwhile, inventory is on the rise. A consistent flow of new construction is attracting interest away from existing properties, and there has been an increase in cancellations as more potential buyers withdraw from agreements at the last moment.

Sellers are responding by cutting prices or pulling listings altogether, hoping to wait out the slowdown. 

It doesn’t yet amount to a nationwide crash, but the widespread cooling suggests home has raised fears it is on the horizon.

In certain key regions, the waiting periods are significantly extended: In August, homes in Miami took 90 days to sell, an increase from 74 days the previous year. Orlando experienced an increase to 77 days from 63, Tampa also reached 77 from 64, Jacksonville was 74 compared to 61, and Austin saw a jump to 72 days from 65 in August 2024.

Homes in Miami, FL, and the surrounding metro took 90 days to sell in August 2025, up from 74 in 2024

Realtor.com chief economist Danielle Hale said the figures could hit a 30-year low 

Homes also took 64 days or longer to sell in August in Phoenix, San Antonio, Riverside, Memphis and Tucson. 

“This situation perfectly reflects the housing market conditions prevalent throughout much of the Southern and, to a somewhat lesser degree, the Western US,” stated Realtor.com senior economist Jake Krimmel.

‘Markets with booming prices, sales, and new construction over the pandemic and post-pandemic era are certainly coming back down to earth.’

In Miami, the market is experiencing such an overflow that a notable number of homeowners are removing their listings out of frustration. In July, the city witnessed 57 delistings for every 100 new listings.

Others are being forced to slash prices and offer concessions.

Out of the 50 metros in the study, 27 are also seeing listings linger longer than their pre-pandemic averages.

The slowdown is most pronounced in the South and West — where time on the market has risen by eight days, on average, compared to last year.

Days on market rose by three days in the Midwest, and by two days in the Northeast. 

“Markets with soaring prices, sales, and new construction during the pandemic and its aftermath are inevitably returning to more manageable levels,” noted Jake Krimmel, senior economist at Realtor.com.

In Tampa, FL, homes sat for 77days in August, up from 64 in 2024

Nashville, TN, and the surrounding metro has seen the biggest jump in days on the market year-over-year

Homes in Las Vegas are also taking much longer to sell compared to a year ago

Kara Ng, senior economist at Zillow, said price cuts are biggest where there are too many homes on the market 

While homes in Miami are sitting unsold for the highest number of days, Nashville has seen the largest year-on-year increase in time spent on the market.

Properties in the Tennessee city spent an average of 59 days on the market in August, up 21 days from 38 at the same time last year. 

Homes in Las Vegas are also taking much longer to sell compared to a year ago, according to Realtor.com. 

Houses in the city and the surrounding area took an average of 56 days to sell last month, as opposed to 42 days in August 2024.  

Las Vegas has seen a significant fall from grace in recent months, and the city’s housing market is also struggling. 

Housing supply in the city rose 31 percent over the last year — the biggest increase of any major US metro area and approximately triple the national increase, according to a separate report from Redfin.

While the supply of homes is quickly piling up, buyers are nowhere to be seen as they have been sidelined by expensive prices or put off by the downward direction Vegas is heading in.

In addition to buyer hesitation, one of the most common reasons homes sit on the market is improper pricing. An expert realtor can determine a home’s sweet spot based on current market conditions and a neighborhood analysis.

Housing economist Amy Nixon has warned of an impending crash in Dallas

Meanwhile, the glut of unsold homes is driving prices lower in former boomtowns. 

Florida and Texas, in particular, are former boomtowns where prices have fallen at the quickest rate over the past year.

Tampa prices are down 6.2 percent, Austin 6 percent, Miami 4.6 percent, Orlando 4.3 percent and Dallas 3.9 percent, according to Zillow. 

‘Metros where price corrections are steepest are among those with the largest increase in inventory compared to before the pandemic,’ said Kara Ng, senior economist at Zillow. 

Housing economist Amy Nixon told the Daily Mail in June that Texas Dallas is poised for even steeper cuts. 

As the surplus of current listing grows, Nixon says stubbornly high mortgage rates, a slowdown in domestic migration, and widespread tech layoffs will only cause prices to be slashed even more.

Meanwhile, a separate report predicts home sales will plunge to a 30-year low — with experts warning the slump could deepen into a full‑blown collapse.

Just four million transactions are expected in the US this year, according to new data from Realtor.com.

That would mark lowest level since 1995, according to the National Association of Realtors. 

Buyers have been scared off by a rocky economy, surging HOA fees, and punishing mortgage and insurance rates, leaving sellers slashing prices to lure offers. 

‘Even with more homes on the market, buyer response has remained muted compared to what we’d expect from similar supply shifts in the past,’ Realtor.com chief economist Danielle Hale said of the shocking figures.