Real estate experts say the price drops reflect a post-pandemic market correction. While Miami logged the second-largest price decrease at 4.7 percent, it led the nation in both average time on the market (88 days) and delistings, with 59 per 100 listings.
Sellers, who outnumbered home buyers in June by a record margin, are becoming increasingly frustrated with their properties languishing on the market, leading to scores of delistings in Miami.
Metros With the Highest Rates of Delistings
Miami: The South Florida metro market saw 59 homes delisted for every 100 new homes listed, up from 27 in May.Phoenix: The Arizona metro market came in second with 37 delistings per 100 homes.
Riverside, California: This Southern California metro market came in at third with 30 delistings per 100 homes.
While some property owners are staving off potential profit cuts by delisting, others are slashing price tags and showing "meaningful price declines." In July, the year-over-year list prices fell in 33 of 50 major U.S. metros, which is up from 29 a year ago.
Realtor.com has tracked different trends in U.S. housing market prices over the past several months. Prices nationwide are falling after the post-pandemic housing boom, when home prices soared after the lockdowns, but the rate at which they're falling varies wildly regionally.
Metros With the Highest Drops in Home Prices
Austin: Home prices have dropped 4.9 percent since 2024 and 14.8 percent since 2022.Miami: Home prices have dropped 4.7 percent since 2024 and 17.8 percent since 2022.
Chicago: Home prices have dropped 4.4 percent since 2024 and 7.7 percent since 2022.
Los Angeles: Home prices have dropped 4.2 percent since 2024 and 18.4 percent since 2022.
Denver: Home prices have dropped 4 percent since 2024 and 7.7 percent since 2022.
Meanwhile, home prices in the northeastern U.S. have increased slightly year over year, with prices in places like Buffalo, New York, Hartford, Connecticut, and Providence, Rhode Island rising between 16.7 and 26.1 percent since 2022.
