Homebuyers nationwide had more time to make decisions in August with the first year-over-year increase in median days on the market since June 2020.
Median days on the market increased by five days to 42 in August compared to the same month last year, according to the Realtor.com Monthly Housing Trends Report.
In South Florida, though, median days on the market dropped by nine to 50. Out of the largest 50 markets in the country, the Miami and Richmond, Virginia, areas were the only ones to see a drop.
The Miami-Fort Lauderdale-Palm Beach area was also No. 1 among the top 50 metros with a 33.4% median listing price increase year over year, to $617,000. Active listings increased 8.6% and new listings dropped 6.1%.
Nationally, the median listing price rose 14.3% to $435,000. That’s down from the record-high median pricing of $450,000 in June. Nationally, active listings increased 26.6% year over year and new listings were down 13.4%.
“These trends reflect a housing market that is getting a refresh from the past two-plus years of frenzied buyer demand that outmatched supply, with inventory rising and more typical seasonality expected to return in the fall,” the Realtor.com report said. “It’s a long road to balance, with homes still selling more quickly than prior to COVID. However, relative to the market’s recent peak, August’s milestone shift in time on market trends is a step toward offering buyers relief from the relentless rush for homes.”