U.S. housing slowdown widens as homes sit longer in 44 of 50 major metros
Realtor.com reports the typical home took 60 days to sell in August 2025 as supply builds, cancellations hit records and sellers cut prices or delist
Housing markets across the United States showed broad signs of cooling in August 2025, with properties lingering on the market longer in 44 of the 50 largest metropolitan areas, according to a Realtor.com report. The typical U.S. home spent 60 days on the market in August, seven days longer than a year earlier and above pre-pandemic norms.
The slowdown was most pronounced in the South and West. Miami recorded the longest time to sale among the metros studied, with homes taking about 90 days to sell in August, up from 74 days a year earlier. Nashville posted the largest year-over-year increase, with average days on market rising to 59 from 38 in August 2024.
Other previously hot markets also showed marked cooling. Orlando and Tampa each saw average times on market of 77 days, up from 63 and 64 days respectively a year earlier. Jacksonville rose to 74 days from 61, and Austin to 72 days from 65. Several other large metros — including Phoenix, San Antonio, Riverside, Memphis and Tucson — reported average times to sale of 64 days or longer.
Realtor.com economist Jake Krimmel said the pattern reflects a broader reversion in areas that saw steep price gains and heavy building during and after the pandemic. "This is an all too perfect embodiment of housing market conditions throughout much of the South and, to a lesser extent, the Western U.S.," he said.
The report pointed to multiple factors behind the slowdown. Buyers remain sidelined by high prices, shifting mortgage rates and worries about an economic downturn. At the same time, supply is increasing: new-construction deliveries and an uptick in listings are giving buyers more options and drawing demand away from resale homes.
A record rise in cancellations — buyers backing out of deals at the last minute — has further contributed to inventory buildup and longer sales timelines, Realtor.com said. Sellers have responded variously by cutting prices, offering concessions or removing listings from the market to wait for conditions to improve. In Miami, frustrations were particularly evident: in July the metro logged 57 delistings for every 100 new listings.
The softening is not uniform. Out of the 50 metros in the analysis, 27 recorded longer listing times than their pre-pandemic averages, while other areas remain tighter. Regional averages showed days on market increasing by eight days in the South and West compared with a year earlier, by three days in the Midwest and by two days in the Northeast.
Las Vegas also showed significant deterioration. Homes there took an average of 56 days to sell in August, up from 42 a year earlier, and Redfin reported housing supply in the Las Vegas metro rose 31 percent over the last year — the largest increase among major U.S. metros and roughly triple the national rise. That growth in available inventory, Redfin said, has compounded buyer hesitancy in the market.
Analysts said the pattern so far amounts to a widespread cooling rather than a nationwide crash. However, the breadth of the slowdown — spanning many formerly overheated markets and coupled with rising new construction and higher cancellation rates — has increased concern among some economists and real estate professionals about the potential for sharper price adjustments if demand weakens further.
Improper pricing remains a common proximate cause for homes sitting on the market, brokers said, with poorly positioned listings more likely to face extended listing periods even in otherwise balanced markets. Industry data show sellers who trim prices or offer concessions can accelerate transactions, but that strategy also puts downward pressure on local price measures.
For now, national measures of home prices remain elevated compared with pre-pandemic levels in many metros, and inventory totals are uneven across regions. The Realtor.com report, together with separate Redfin data on supply, suggests the coming months will be critical for gauging whether the current slowdown stabilizes or unfolds into broader price corrections in some metros. The market's direction will depend on consumer confidence, mortgage-rate movements and whether builders and sellers slow new supply in response to rising listings and cancellations.