(NewsNation) — High prices and economic uncertainty are keeping homes on the market longer, making last month the slowest July in a decade.
The typical home that went under contract in July spent 43 days on the market — up from 35 days a year earlier and the longest span for any July since 2015, according to new Redfin data.
It’s another sign that buyers are gaining leverage after years of tight inventory, though the extent of that advantage varies by region.
In Florida, homes are taking much longer to sell, over 90 days in some cities. West Palm Beach (95 days), Fort Lauderdale (92 days) and Miami (86 days) were the slowest major markets in the country last month.
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Demand in the Sunshine State has eased after a red-hot pandemic-era surge pushed prices higher and fueled a construction boom. Rising insurance costs and the threat of natural disasters have also deterred buyers.
Homes in other Sunbelt boom towns, including Austin (68 days), Phoenix (67 days) and San Antonio (66 days), are also lingering on the market longer than the national average.
Elevated mortgage rates and high prices dampened the spring homebuying season. Coupled with uncertainty over President Donald Trump’s tariffs and a cooling job market, it’s no surprise families are staying put.
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One silver lining: slower demand has helped boost the housing supply across much of the country, giving buyers more bargaining power than they’ve had in years. Sellers are making concessions, and fewer homes are going above asking price compared to just a few years ago.
That said, many cities — especially more affordable markets in the Midwest — remain hot.
In Indianapolis, the typical home that went under contract last month spent just 17 days on the market — the shortest span for any major market, according to Redfin. Homes also sold quickly in Kansas City (18 days), Warren, Michigan (18 days), and Detroit (19 days).
July’s time on the market reflects more of a return to normal than a historic slowdown. At 43 days, it was roughly in line with the national July norm from 2014 to 2016, Redfin data shows.
Back in the summer of 2012, in the aftermath of the Great Recession, the typical U.S. home lingered for 69 days.
Redfin’s median days-on-market calculation excludes homes that spent more than a year listed before going under contract.
The 10 major metros where homes lingered the longest in July, according to Redfin
West Palm Beach, FL: 95 days
Fort Lauderdale, FL: 92 days
Miami, FL: 86 days
Jacksonville, FL: 75 days
Austin, TX: 68 days
Phoenix, AZ: 67 days
San Antonio, TX: 66 days
Nashville, TN: 60 days
Las Vegas, NV: 55 days
Charlotte, NC: 55 days
