The high housing prices and ongoing economic uncertainty have kept the market sluggish, with last month marking the slowest July in a decade.
Homes that went under contract in July spent an average of 43 days on the market, increasing from 35 days the previous year. This marks the longest wait since 2015, according to new data from Redfin.
This trend indicates that buyers are gaining more leverage, particularly after years of tight inventory, although advantages can differ significantly by region.
In Florida, some cities are seeing much longer wait times, with West Palm Beach recording 95 days, Fort Lauderdale 92 days, and Miami 86 days—making them among the slowest major markets last month.
Demand in sunny areas has, perhaps surprisingly, started to cool. The intense rush during the pandemic drove up prices and spurred a construction boom, but increasing insurance costs and the looming threat of natural disasters are making potential buyers more hesitant.
Other booming Sunbelt cities, like Austin, Texas (68 days), Phoenix (67 days), and San Antonio (66 days), are also experiencing longer market times than the national average.
While mortgage rates have dipped, the high prices haven’t helped matters, which might explain why many families are choosing to stay put, especially with President Trump’s tariffs and a cooling job market adding to the uncertainty.
A potential upside is that the slower demand has led to a rise in housing inventory across the country, giving sellers less negotiating power compared to a few years ago. Many sellers are even conceding to offers below their asking prices.
However, some cities, especially those in the Midwest with more affordable options, are still quite competitive.
In Indianapolis, for example, homes that went under contract last month spent a mere 17 days on the market, the shortest duration of all major markets. Other cities like Kansas City, Missouri (18 days), Warren, Michigan (18 days), and Detroit (19 days) also saw fast sales.
The lengthening market times in July seem to reflect a shift toward normalcy rather than an unprecedented slowdown. According to Redfin’s data, the 43 days on average is comparable to July averages from 2014 to 2016.
In contrast, during the summer of 2012, post-Great Recession, homes typically stayed on the market for 69 days.
According to Redfin, here are the ten major metro areas where homes took the longest to sell in July:
- West Palm Beach, Florida: 95 days
- Fort Lauderdale, Florida: 92 days
- Miami: 86 days
- Jacksonville, Florida: 75 days
- Austin, Texas: 68 days
- Phoenix: 67 days
- San Antonio: 66 days
- Nashville, Tennessee: 60 days
- Las Vegas: 55 days
- Charlotte, North Carolina: 55 days
The median calculations for market times exclude homes listed for over a year based on the contracts.
