Yadda Yadda Yadda - Biggest Metros Give Grave Warning - House Price Crash Is Next

[Ken M.]

I can remember when it took on average, 180 days to sell a house

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https://www.dailymail.co.uk/real-estate/article-15086063/big...

Housing markets across the US are showing signs of trouble as properties linger on the market 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 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 could raise fears it is on the horizon.

In some hotspots, the delays are steep: Miami homes took 90 days to sell in August, up from 74 last year. Orlando was sitting 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.

[Ryan Kelly]

It’s crashing so hard in Austin our median home price is 0.0% different than it was in September 2024. No change. Austin’s big correction has mostly played out already. Some other markets will see effects in different stages.