The real estate market continues to slow down nationwide, but are the national trends consistent here in Miami?

The U.S. housing market continued to slow in September, according to the latest Real-Time Fastest Markets report from Redfin, which measured the speed at which listings pended in the nation’s largest housing markets.

In September, 26.6 percent of listings nationwide pended within two weeks of their list date, a slight increase from the 26.0 percent of August; regardless, it comes after five straight months of declines, and has fallen from 33.4 percent in April, likely on the influence of rising home prices, higher mortgage rates and the economic uncertainty involving the government budget disputes. Also, we should mention the importance of pricing with such data – after all, a listing will not likely pend within two weeks if it’s not priced correctly!

Redfin Real-Time Fastest Markets – A Local Perspective

How did things look here in Miami, though? According to Redfin, 22.1 percent of Miami’s listings pended in two weeks or less, a slight increase from 20.5 percent in August; also, only 7.4 percent of listings pended that quickly a year ago, so the market has made considerable strides in a year’s time.

Carlos Garcia, a broker vice president with The Keyes Company, said he sees various levels of demand based on the property’s price and area, though the hottest areas generally involve lower-priced listings.

“In hot areas [priced] less than $300,000, for single family homes the market time is 30 days or less, if price correctly,” Garcia said. “Condos, depending on area and age of property, can be 30-60 days, and townhouses can be 30-45 days. Inventory continues to be low in this price range, and the key factor is that it is priced right for lower days on the market.”

And how did Miami compare with other metro areas? Check out our graph below to find out: