High prices and economic uncertainty are keeping homes on the market longer, making last month the slowest July in a decade. The typical home that went under contract in July spent 43 days on the market, up from 35 days a year earlier and the longest span for any July since 2015, according to new Redfin data. This is another sign that buyers are gaining leverage after years of tight inventory, though the extent of that advantage varies by region.
In Florida, homes are taking much longer to sell, over 90 days in some cities. West Palm Beach (95 days), Fort Lauderdale (92 days), and Miami (86 days) were the slowest major markets in the country last month. Demand in the Sunshine State has eased after a red-hot pandemic-era surge pushed prices higher and fueled a construction boom. Rising insurance costs and the threat of natural disasters have also deterred buyers.
Homes in other Sunbelt boom towns, including Austin, Texas (68 days), Phoenix (67 days), and San Antonio (66 days), are also lingering on the market longer than the national average. Elevated mortgage rates and high prices dampened the spring homebuying season, coupled with uncertainty over President Trump’s tariffs and a cooling job market.
However, many cities, especially more affordable markets in the Midwest, remain hot. In Indianapolis, the typical home that went under contract last month spent just 17 days on the market, the shortest span for any major market, according to Redfin.
