Thirty-nine out of the fifty largest U.S. metro areas reported increased home sale durations compared to last year, indicating a cooling housing market. Regions across the South, Northeast, Midwest, and West experienced longer time on the market, with the South seeing an average increase of eight days. More than half of the top markets now exceed pre-pandemic listing times, particularly in the South and West. Factors influencing this trend include high condo fees, escalating insurance costs, extreme weather events, and decreased foreign purchases due to immigration issues.
"It's just returning to normal, how it was pre-COVID," Jeff Lichtenstein, CEO of Echo Fine Properties in Miami, tells Realtor.com. "Miami has been in the news lately for slowdowns overall, but it’s mostly due to the condo market. Homes are still being sold, albeit at a slower pace."
Year over year, homes in the South spent eight more days on average on the market; the West showed seven more days; the Northeast three more days; and only the Midwest was essentially the same with one more day, due to its continued affordability, climate migration, and lack of inventory.
26 of the top 50 markets are now seeing listings sit longer than their pre-pandemic averages, with almost all of them in the South and West, according to the report. It’s another indication of the geographic divergence in housing market conditions.
Deportations and some foreigners feeling unwelcome have stopped foreign purchases from occurring, according to Jeff Lichtenstein, highlighting another factor influencing the current real estate climate.
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