A cooler market is creating more breathing room for buyers, according to realtor.com, as the time homes are on the market increased for the first time since June 2020. The data shows that the typical home spent 42 days on market in August, five days longer than last year.
The time on market was slightly lower across the 50 largest U.S. metros—37 days, on average—relative to the national median. Forty-eight of these metros posted yearly gains in time on market, with the biggest increases registered in Austin, Raleigh and Riverside. Miami and Richmond were the only two markets where time on market declined compared to last year.
According to realtor.com, the U.S. median listing price was $435,000 in August, down from June’s record-high of $450,000. Compared to last month, listing price growth moderated year-over-year overall to +14.3 percent, down from +16.6 percent.
Among the 50 largest U.S. metros, August’s biggest annual listing price gains were in Miami, Memphis and Milwaukee.
Nationwide, 19.4 percent of active listings had their price reduced last month. The U.S. inventory of active listings grew 26.6 percent year-over-year in August, just shy of July’s record-fast pace of 30.7 percent.