Housing markets across the US are showing signs of trouble as homes linger on the market longer in 44 out of 50 major US metros.

The worst hit area is Miami, where houses are now sitting unsold for nearly three months — almost four weeks longer than a year ago.

Across the country, the typical home spent 60 days on the market in August, seven days longer than a year ago and above pre-pandemic norms, according to a new Realtor.com report. 

Buyers remain hesitant, held back by high prices, shifting mortgage rates, and fears of a financial downturn. 

At the same time, supply is building. A steady stream of new construction is pulling demand away from existing homes, while cancellations have hit record highs as more buyers back out of deals at the last minute. 

Sellers are responding by cutting prices or pulling listings altogether, hoping to wait out the slowdown. 

It doesn’t yet amount to a nationwide crash, but the widespread cooling suggests home has raised fears it is on the horizon.

In some hot spots, the delays are steep: Miami homes took 90 days to sell in August, up from 74 last year.  Orlando sat at 77 days, up from 63, Tampa was also at 77, up from 64, Jacksonville was at 74, up from 61, and Austin, was at 72, up from 65 in August 2024.

Homes also took 64 days or longer to sell in August in Phoenix, San Antonio, Riverside, Memphis and Tucson. 

'This is an all too perfect embodiment of housing market conditions throughout much of the South and, to a lesser extent, the Western US,' said Realtor.com senior economist Jake Krimmel. 

'Markets with booming prices, sales, and new construction over the pandemic and post-pandemic era are certainly coming back down to earth.'

In Miami, the market is so flooded a record number of homeowners are delisting out of frustration. The Florida city saw 57 de-listings per 100 new listings in July.

Others are being forced to slash prices and offer concessions.

Out of the 50 metros in the study, 27 are also seeing listings linger longer than their pre-pandemic averages.

The slowdown is most pronounced in the South and West — where time on the market has risen by eight days, on average, compared to last year.

Days on market rose by three days in the Midwest, and by two days in the Northeast. 

While homes in Miami are sitting unsold for the highest number of days, Nashville has seen the largest year-on-year increase in time spent on the market.

Properties in the Tennessee city spent an average of 59 days on the market in August, up 21 days from 38 at the same time last year. 

Homes in Las Vegas are also taking much longer to sell compared to a year ago, according to Realtor.com. 

Houses in the city and the surrounding area took an average of 56 days to sell last month, as opposed to 42 days in August 2024.  

Las Vegas has seen a significant fall from grace in recent months, and the city's housing market is also struggling. 

Housing supply in the city rose 31 percent over the last year — the biggest increase of any major US metro area and approximately triple the national increase, according to a separate report from Redfin.

While the supply of homes is quickly piling up, buyers are nowhere to be seen as they have been sidelined by expensive prices or put off by the downward direction Vegas is heading in.

In addition to buyer hesitation, one of the most common reasons homes sit on the market is improper pricing. An expert realtor can determine a home's sweet spot based on current market conditions and a neighborhood analysis.

Meanwhile, the glut of unsold homes is driving prices lower in former boomtowns. 

Florida and Texas, in particular, are former boomtowns where prices have fallen at the quickest rate over the past year.

Tampa prices are down 6.2 percent, Austin 6 percent, Miami 4.6 percent, Orlando 4.3 percent and Dallas 3.9 percent, according to Zillow. 

'Metros where price corrections are steepest are among those with the largest increase in inventory compared to before the pandemic,' said Kara Ng, senior economist at Zillow. 

Housing economist Amy Nixon told the Daily Mail in June that Texas Dallas is poised for even steeper cuts. 

As the surplus of current listing grows, Nixon says stubbornly high mortgage rates, a slowdown in domestic migration, and widespread tech layoffs will only cause prices to be slashed even more.

Meanwhile, a separate report predicts home sales will plunge to a 30-year low — with experts warning the slump could deepen into a full‑blown collapse.

Just four million transactions are expected in the US this year, according to new data from Realtor.com.

That would mark lowest level since 1995, according to the National Association of Realtors. 

Buyers have been scared off by a rocky economy, surging HOA fees, and punishing mortgage and insurance rates, leaving sellers slashing prices to lure offers. 

'Even with more homes on the market, buyer response has remained muted compared to what we'd expect from similar supply shifts in the past,' Realtor.com chief economist Danielle Hale said of the shocking figures.