The U.S. housing market is experiencing a significant rebalancing, with several metropolitan areas shifting to buyer-favorable conditions, according to recent analysis by Realtor.com. This shift is primarily driven by increased housing supply, reflected in the “months of supply” metric, where values exceeding six months typically signal a buyer’s market. This dynamic empowers buyers with greater leverage, creating an environment of increased inventory and slower sales.
In June, among the nation’s 50 largest metros, three markets led in buyer’s leverage: Miami and Orlando in Florida, alongside Austin, Texas. Miami topped the list with 9.7 months of supply, indicating it would take nearly ten months to sell all current listings at the prevailing sales rate. This represents a substantial 35% year-over-year increase in inventory, coupled with a median list price of $510,000, which is 4.7% lower than the previous year. Austin, ranking second, recorded 7.7 months of supply in June. The Texas capital saw a significant surge in homes for sale following a post-pandemic demand slowdown, making its inventory among the fastest-growing compared to pre-pandemic levels. Nearly 33% of its listings saw price reductions, with the typical home listed under $500,000—a 4.8% decrease year-over-year. Orlando, with 6.9 months of supply, saw its for-sale inventory jump almost 34% year-over-year, and its median listing price declined 3.4% to $429,473.
This market evolution is not isolated; it reflects broader regional trends. According to Realtor.com Senior Economist Jake Krimmel, these buyer-friendly metros share common characteristics: a noticeable rise in inventory and a slower sales pace. This creates an environment where more sellers are competing for a smaller pool of buyers. Regionally, this trend is most pronounced in the South and West, particularly in Florida, where all four major metropolitan areas—Miami, Orlando, Jacksonville, and Tampa—have transitioned into buyer’s markets.
The “months of supply” metric also serves as a predictive indicator for future pricing. Markets with high supply in June subsequently experienced declines in price per square foot by August. For instance, Miami recorded a 3.9% decline, Austin a 3.5% decline, and New York also saw a 3.5% decrease in price per square foot. This correlation underscores the impact of increased supply and subdued demand on property valuations.
Key Market Indicators for Leading Buyer Metros (June Data)
| Market | Months of Supply | Active Listing Change (YoY) | Median List Price | Median List Price Change (YoY) |
| Miami-Fort Lauderdale-West Palm Beach, FL | 9.7 | +24.3% | $500,000 | -5.7% |
| Austin-Round Rock-San Marcos, TX | 7.1 | +15.4% | $499,000 | -5.0% |
| Orlando-Kissimmee-Sanford, FL | 6.9 | +19.5% | $422,695 | -2.8% |
| New York-Newark-Jersey City, NY-NJ | 6.7 | +7.7% | $760,000 | +0.1% |
This evolving market landscape signals a critical juncture for both buyers and sellers. For buyers, increased supply and softening prices present opportunities, while sellers must navigate a more competitive environment, often requiring price adjustments to meet current market realities. The continuation of these trends will likely reshape inventory management and pricing strategies across these key U.S. metropolitan areas in the coming months.
Michael Zhang is a seasoned finance journalist with a background in macroeconomic analysis and stock market reporting. He breaks down economic data into easy-to-understand insights that help you navigate today’s financial landscape.