Miami had the most homes for sale among the 49 largest U.S. cities in August after the number of listings there surged 70.1% year-over-year, according to the most recent RE/MAX National Housing Report.    

Active inventory rose to 38,231 listings from 22,480 in August 2023. The city was followed by Houston, Dallas, New York and Atlanta. 

Miami home sales fell 9.2% year over year to 6,056 transactions from 6,217 in August 2023. The median-sales price of a Miami home dipped 1% month over month and rose 4% year over year to $515,000. 

“When sales slow, prices tend to drop, or at least not continue to increase as they have been,” said RE/MAX Advance Realty Broker/Owner Anthony Askowitz. “I attribute it to several factors.  First, interest rates continue to be high, insurance rates have increased in some areas by 40% and more, and then add to the mix the confusion caused by recent changes in the way we do business. A buyer’s buying power is reduced, while prices remain high, then we hit them with the requirement to commit to paying their agent’s fee at closing if they cannot negotiate for the seller to pay it.” 

Nationwide, home sales slid 3.3% on a monthly basis and 3.8% on a yearly one, while new listings were up 7.9% year over year. The national median sales price was down 1.1% from July but up 3.5% from August 2023, at $440,000. 

“While we saw a slight dip in sales month-over-month, the market continues to show resilience with some year-over-year price growth,” RE/MAX President Amy Lessinger said in the report. “The rise in new listings signals that more homeowners are recognizing the value of listing in today’s environment. Buyers and sellers alike can find opportunity, especially with a steady flow of homes entering the market.”