Looking to sell your home in Miami or New York City? Be prepared to wait at least two months before a sale.
In a nationwide survey, Miami homes sat on the market for an average of 84 days, while New York City homes went unsold for 74 days, according to Re/Max.
Out of the 53 metro areas surveyed in the October report, only two cities had longer waiting periods before a sale: Hartford, Connecticut; and Augusta, Maine.
The data signals a broader national slowdown in the housing market. Home sales declined 4.6 percent in October from a year ago, according to Re/Max. It was the third consecutive month of lower year-over-year home sales.
Nationally, home sales have declined in many large cities across the country including Miami, New York and Los Angeles.
Experts attribute the slowdown to rising mortgage rates, which have made homeowners’ mortgage payments more costlier. Data also suggests that home prices have become unaffordable relative to income levels.
Miami also had the highest housing supply of any metro area surveyed. The city had a supply of 7.5 months, compared to every other metro area surveyed, which reported a supply of less than 6 months.
San Francisco, at 1.7 months, and Boise, Idaho, at 1.9 months, had the lowest housing supply, signaling a seller’s market.
In October, median home sales prices ticked up to $236,000 nationwide, marking the 31st consecutive month of year-over-year price increases. It was the highest October price in the 10-year history of the report.