The U.S. housing market is showing signs of a slowdown in regions such as the South and West. Notable metros include Nashville, TN, where properties' time on the market has increased by 20 days, resulting in a median of 52 days. Miami saw a similar trend with homes lasting 15 days longer at a median of 83 days, while Orlando experienced a 15-day increase to a median of 70 days. The slowdown is influenced by rising mortgage rates, economic uncertainty, and an influx of new construction affecting inventory dynamics.
Nashville, TN, tops the list of slowest metro markets with a 20-day increase in the time properties spend on the market, reaching a median of 52 days.
Miami follows closely with homes waiting for buyers for 15 days longer than the previous year, leading to a median of 83 days on the market.
Orlando, FL, ranks third, with a 15-day increase in days on the market, reaching a median of 70 days.
Factors contributing to homes staying unsold include a spike in construction in certain metros, impacting inventory dynamics.
The slowdown in housing markets is attributed to rising mortgage rates, economic uncertainty, and a decrease in new listings, leading to stagnation in inventory turnover.
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