Buyers gain leverage in seven major US housing markets

In June 2024, several housing markets across the United States were categorized as buyer’s markets due to a high number of available homes. Specifically, Miami, Austin, and Orlando stood out with the most significant months of supply, showcasing conditions favorable to buyers. Miami had a notable nine-point-seven months' supply, with a 35% increase in inventory compared to the previous year. The median listing price was $510,000, down by 4.7% year-over-year, indicating a buyer’s advantage as sellers struggled to compete. Austin emerged as the second-best market for buyers with a 7.7 months' supply, experiencing substantial increases in available listings and price cuts. Here, the typical home was under $500,000, dropping by 4.8% compared to the prior year. Lastly, Orlando displayed a 6.9 months' supply and a year-over-year decrease in median list prices to $429,473. The increase in inventory and slowing sales rates across these regions demonstrate a shift in market dynamics. According to Realtor.com's senior economist Jake Krimmel, these conditions emphasize a more competitive environment for sellers, especially within the South and West regions of the country. The report detailed how all seven identified markets showed rising inventory while experiencing prolonged sales times and more price reductions. This trend is reflective of a broader decline in the housing market's strength, particularly in Florida. The analysis illustrates that these seven markets will likely continue facing downward pressure on prices due to the growing months of supply. The conclusion drawn is that with rising inventories and fewer buyers, sellers are being compelled to reduce their asking prices. Furthermore, this trend is poised to impact overall regional market health and buyer sentiments moving forward.