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.