7 of the 50 Largest U.S. Metros are Now Buyer's Markets: Miami, Austin, Orlando, New York City, Jacksonville, Tampa, and Riverside, Calif.
Rhea-AI Summary
Realtor.com (NASDAQ:NWSA) reports that the U.S. housing market reached a balanced state in August 2025, with months of supply hitting 5.0, a level not seen in summer since 2016. Seven of the 50 largest U.S. metros have become buyer's markets: Miami (9.7 months), Austin (7.1), Orlando (6.9), New York (6.7), Jacksonville (6.3), Tampa (6.3), and Riverside (6.1).
The national housing market shows mixed signals with active listings up 20.9% year-over-year, but inventory growth is decelerating. The median listing price remained flat at $429,990 compared to last year, while 20.3% of active listings had price cuts. Notably, delistings surged 57% year-over-year, indicating growing seller frustration with market conditions.
Positive
- Housing market reaches balanced territory with 5.0 months of supply, improving conditions for buyers
- Active listings increased 20.9% year-over-year, marking 22nd consecutive month of gains
- Seven major metros have shifted to buyer's market conditions, offering more negotiating power
- South and West regions inventory levels exceed pre-pandemic norms by 3.6% and 6.6% respectively
Negative
- Inventory growth is decelerating, with recovery moving in wrong direction
- Delistings surged 57% year-over-year, indicating seller frustration
- Pending home sales declined 1.3% year-over-year in August
- Median days on market increased to 60 days, 7 days longer than last year
News Market Reaction – NWSA
In the Sep 9 session, NWSA declined 1.74%, reflecting a mild negative market reaction. Our momentum scanner triggered 3 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
The
"The national housing market is now more balanced between homebuyers and sellers at five months of supply, but that balance conceals a wide range of local realities," said Danielle Hale, chief economist at Realtor.com®. "In Miami,
Formally, months of supply is defined as a month's total inventory — both active and pending listings — divided by sales in that month. In theory, it represents how long it would take to sell all currently listed homes at the current sales pace. In practice, the metric is a long-standing rule of thumb: fewer than 4 months indicates a seller's market, 4–6 months is balanced, and 6+ months favors buyers.
August 2025 Housing Metrics – National (*For metro stats, see Table table overview below)
Metric | August 2025 | Change over July 2025 (MoM) | Change over Aug. 2024 (YoY) | Change over Aug. |
Median listing price | -2.2 % | 0.0 % | 36.2 % | |
Active listings | 1,098,681 | -0.4 % | 20.9 % | -11.1 % |
New listings | 402,268 | -7.5 % | 4.9 % | -16.1 % |
Median days on market | 60 | 2 | 7 | 1 |
Share of active listings with price | 20.3 % | 0 | 1.1 | 2.8 |
Median List Price Per Sq.Ft. | -1.2 % | 0.1 % | 51.3 % |
Metros Split Along Buyer-Seller Spectrum
At the metro level, seven of the 50 largest
- Buyers' Markets - Highest months of supply metros (June):
Miami (9.7),Austin (7.1),Orlando (6.9),New York (6.7),Jacksonville (6.3),Tampa (6.3), andRiverside, Calif. (6.1). - Balanced metros near the national average:
Los Angeles (5.0),Denver (4.9),Portland, Ore. (5.1). - Sellers' Markets - Lowest months of supply metros:
Milwaukee (2.7),St. Louis (2.9),Grand Rapids, MI (2.9),Boston (3.0).
Markets with greater than six months supply experienced price declines in August, while those with fewer than four months supply recorded stronger price growth. The divergence is highly regional: Southern markets — particularly in
Inventory Recovery Stalls After Two Years of Growth
For buyers, a growing number of homes for sale continues to shape the market. Active listings rose
But that expansion is slowing. Active listing growth has decelerated each month since May, when it reached
- By region: Inventory rose in all four major
U.S. regions, led by the West (+26.7% ) and South (+21.8% ), with slower growth in the Midwest (+15.6% ) and Northeast (+14.2% ). - Relative to pre-pandemic norms: Only the South (+
3.6% ) and West (+6.6% ) are running above 2017–2019 levels. The Midwest (-39.3% ) and Northeast (-50.9% ) continue to lag significantly. - Metros above pre-pandemic levels by
25% : 11 of the top 50 all concentrated in the South and West.Denver (+64.2% ),San Antonio (+53.4% ), andAustin (+50.2% ) lead the list.
Delistings Signal Growing Seller Frustration
Beyond slowing sales and flat prices, delistings have become a defining feature of this summer's housing market. Nationally, delistings rose
The ratio of delistings to new listings — a metric that captures the flow of homes in and out of the for-sale market — climbed to 0.24 in July. This means that for every 100 new listings that came onto the market, 24 previously listed homes were removed without selling. By comparison, the ratio was just 0.17 a year ago.
Metros with the highest delisting-to-listing ratios (July):
A rising delisting rate suggests that sellers are increasingly unwilling to accept current market prices or conditions, pulling their homes from the market instead. This pullback could put downward pressure on inventory later in the year, reducing buyer choice even as market momentum slows.
Softer Demand Meets Slower Sales
Signs of a cooling market are evident in demand-side indicators. Pending home sales dipped
Homes are also taking longer to sell. The typical home spent 60 days on the market in August, seven days longer than last year and now above pre-pandemic norms for the second consecutive month. This was the 17th straight month of year-over-year increases in time on market.
Regionally, the slowdown is most pronounced in the South and West. Compared to last year, time on market rose by eight days in the West and the South, versus three in the Midwest and two in the Northeast. Twenty-seven of the top 50 metros are now seeing listings linger longer than their pre-pandemic averages, with the sharpest slowdowns in
Prices Hold Flat, But Cuts Rising
The national median list price remained unchanged from last year at
Sellers are adjusting to weaker demand. In August,
Table: August 2025 Housing Overview of the 50 Largest Metros
Metro | Active Listing Count YoY | New Listing Count, YoY | Median List Price | Median List Price, YoY | Median List Price Per SF, YoY | Median Days on Market, YoY (Days) | Price Reduced Share | Price Reduced Share, YoY (Percentage Points) | Addendum: Months of Supply (June 2025) |
24.6 % | 1.7 % | 0.0 % | -1.4 % | 10 | 25.2 % | 1.6 | 5.6 | ||
15.4 % | 3.6 % | -5.0 % | -3.5 % | 7 | 28.7 % | 0.7 | 7.1 | ||
38.6 % | 3.2 % | 7.0 % | 2.8 % | 2 | 19.2 % | 2.6 | 3.7 | ||
11.7 % | -1.2 % | 0.0 % | 1.0 % | 7 | 18.0 % | -0.4 | 4.5 | ||
21.3 % | 5.4 % | -4.1 % | 1.4 % | 6 | 17.8 % | 1.7 | 3.0 | ||
10.9 % | 8.4 % | 2.0 % | 5.5 % | -2 | 9.6 % | 0.2 | 5.7 | ||
36.4 % | 8.6 % | 1.1 % | -0.5 % | 13 | 24.9 % | 1.5 | 4.3 | ||
2.5 % | -0.3 % | -2.6 % | -0.6 % | 1 | 16.5 % | 2 | 3.7 | ||
17.9 % | 2.4 % | -1.1 % | 1.4 % | 4 | 18.9 % | 0.3 | 3.2 | ||
16.9 % | 1.2 % | -2.0 % | 2.9 % | 3 | 17.5 % | 1.5 | 3.8 | ||
30.3 % | 5.8 % | -0.6 % | -0.6 % | 5 | 26.8 % | 4.3 | 3.3 | ||
21.3 % | -4.1 % | -3.4 % | -1.6 % | 9 | 28.3 % | -0.1 | 4.6 | ||
29.8 % | -2.1 % | -3.2 % | -3.4 % | 12 | 31.4 % | 3.9 | 4.9 | ||
20.0 % | 6.1 % | -0.3 % | -1.2 % | 2 | 17.9 % | 1.8 | 3.6 | ||
5.4 % | 0.3 % | 2.5 % | 4.5 % | 2 | 19.1 % | 0 | 2.9 | ||
17.0 % | 6.0 % | 5.6 % | -0.1 % | 3 | 9.9 % | 0.3 | 3.5 | ||
31.6 % | 1.4 % | -2.7 % | -1.6 % | 0 | 22.0 % | 1.7 | 5.7 | ||
22.6 % | 7.7 % | -0.8 % | 0.0 % | 4 | 29.5 % | 4.4 | 3.4 | ||
12.0 % | -4.3 % | -2.6 % | -2.2 % | 13 | 29.9 % | 1.9 | 6.3 | ||
28.0 % | 9.5 % | -1.5 % | 1.1 % | -2 | 17.4 % | -0.5 | 3.3 | ||
48.2 % | -1.2 % | -1.4 % | -1.1 % | 14 | 24.1 % | 3 | 4.3 | ||
35.8 % | 4.4 % | -7.6 % | -2.2 % | 9 | 16.9 % | 3.3 | 5.0 | ||
25.0 % | 8.7 % | 0.0 % | 1.7 % | 0 | 21.5 % | 1.5 | 3.7 | ||
18.4 % | 3.4 % | -1.8 % | 2.2 % | 5 | 23.9 % | 0.7 | 4.7 | ||
24.3 % | -8.3 % | -5.7 % | -3.9 % | 16 | 17.4 % | 0.1 | 9.7 | ||
6.0 % | -3.4 % | 0.2 % | 6.4 % | 3 | 15.1 % | 0.5 | 2.7 | ||
4.9 % | 4.4 % | -1.5 % | -0.4 % | 2 | 17.0 % | -0.2 | 3.8 | ||
25.8 % | 2.7 % | -1.8 % | -1.0 % | 21 | 21.3 % | -3.3 | 5.8 | ||
7.7 % | 6.5 % | 0.1 % | -3.5 % | 0 | 7.9 % | -0.1 | 6.7 | ||
23.1 % | 14.0 % | 1.6 % | 0.3 % | 6 | 22.8 % | 0 | 5.2 | ||
19.5 % | -10.7 % | -2.8 % | -3.2 % | 14 | 23.6 % | -1.5 | 6.9 | ||
19.3 % | 1.3 % | -0.5 % | 0.6 % | 0 | 15.5 % | 1.5 | 3.9 | ||
28.7 % | 2.8 % | -3.1 % | -1.8 % | 13 | 28.3 % | 0.9 | 5.2 | ||
8.8 % | 9.5 % | 5.9 % | 5.4 % | 3 | 20.2 % | -0.4 | 4.7 | ||
22.7 % | 5.0 % | -2.6 % | -2.4 % | 9 | 30.8 % | 1.7 | 5.1 | ||
20.5 % | 2.2 % | 4.4 % | 2.3 % | 6 | 11.9 % | -4.6 | 3.9 | ||
42.3 % | 14.5 % | 0.0 % | -1.0 % | 8 | 24.8 % | 4.1 | 5.6 | ||
20.1 % | 4.6 % | -4.6 % | 0.8 % | 3 | 17.2 % | 1.8 | 3.4 | ||
30.4 % | -3.3 % | 0.0 % | -1.5 % | 13 | 18.6 % | 1.7 | 6.1 | ||
29.0 % | -1.3 % | -3.1 % | -2.4 % | 7 | 22.9 % | 2.4 | 4.4 | ||
13.6 % | 8.4 % | -0.6 % | -1.5 % | 4 | 17.1 % | 1.3 | 2.9 | ||
16.8 % | 10.6 % | -3.7 % | -3.6 % | 7 | 26.8 % | -0.4 | 5.3 | ||
36.8 % | -4.3 % | -4.9 % | -3.6 % | 7 | 21.5 % | 3.7 | 4.8 | ||
17.6 % | -2.4 % | -1.0 % | -4.6 % | 8 | 14.8 % | 2.5 | 4.1 | ||
21.6 % | -6.1 % | -1.5 % | -3.8 % | 9 | 14.4 % | 3.3 | 3.6 | ||
31.0 % | -2.4 % | 0.0 % | 1.1 % | 6 | 20.0 % | 2.4 | 4.4 | ||
16.3 % | -7.6 % | 0.0 % | -1.2 % | 13 | 27.5 % | -1.9 | 6.3 | ||
32.8 % | -3.6 % | -1.3 % | -1.7 % | 13 | 22.6 % | 2.4 | 5.4 | ||
15.4 % | 6.8 % | 4.6 % | 3.3 % | 5 | 22.8 % | 1.9 | 3.0 | ||
54.7 % | 6.8 % | 0.0 % | -4.9 % | 2 | 17.5 % | 3.5 | 4.1 |
Methodology
Realtor.com housing data as of August 2025. Listings include the active inventory of existing single-family homes and condos/townhomes/row homes/co-ops for the given level of geography on Realtor.com; new construction is excluded unless listed via an MLS that provides listing data to Realtor.com. Realtor.com data history goes back to July 2016. The 50 largest
Beginning with our April 2025 report, we have transitioned to a revised national pending home sales data series that applies enhanced cleaning methods to improve consistency and accuracy over time. While the insights and commentary in this report reflect the new series, the downloadable data remains based on our legacy automated pipeline. As a result, there may be slight differences between the report figures and those in the national download file as we transition.
About Realtor.com®
Realtor.com® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.
Media contact: Mallory Micetich, press@realtor.com
View original content:https://www.prnewswire.com/news-releases/7-of-the-50-largest-us-metros-are-now-buyers-markets-miami-austin-orlando-new-york-city-jacksonville-tampa-and-riverside-calif-302549864.html
SOURCE Realtor.com