The long wait: Miami, NY homes near top for average days listed

The nationwide by Re/Max signals a broader national slowdown in the housing market

Miami /
Nov.November 19, 2018 12:30 PM

Miami homes sat on the market for an average of 84 days, while NYC homes went unsold for 74 days, according to Re/Max.

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.


Related Articles

arrow_forward_ios
Lennar's Stuart Miller, Rick Beckwitt  with the site (Google Maps; Lennar)

Lennar pays $8M for South Miami-Dade housing community site

Lennar pays $8M for South Miami-Dade housing community site
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)

South Florida’s pandemic-fueled residential market poised for bull run in 2021

South Florida’s pandemic-fueled residential market poised for bull run in 2021
Kathleen DuRoss Ford and 300 North Lake Way (Getty, Google Maps)

Kate Ford’s Palm Beach estate sells for $55M

Kate Ford’s Palm Beach estate sells for $55M
D.R. Horton CEO David Auld and the Reserve at Jupiter site 

D.R. Horton pays $14M for land in Jupiter and Florida City for two housing projects

D.R. Horton pays $14M for land in Jupiter and Florida City for two housing projects
Jim Carr and Armando Codina with renderings of the homes (CC Homes)

CC Homes pays $12M for Southwest Ranches land for single-family community

CC Homes pays $12M for Southwest Ranches land for single-family community
Lennar Executive Chairman Stuart Miller (iStock)

“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results

“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
Rent-to-own startup Divvy Homes expands to South Florida

Rent-to-own startup Divvy Homes expands to South Florida

Rent-to-own startup Divvy Homes expands to South Florida
Ben Schachter, Sean Black and Mike Pappas (Signature, Getty, Keyes)

Knock expands home lending program into South Florida 

Knock expands home lending program into South Florida 
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...