U.S. home sales dipped in August, falling 1.6% from August 2024 and 5.5% from July 2025. The slowdown coincided with the end of a 17-month streak of year-over-year growth in new listings, which dropped 5.9% year over year and 9.2% month over month, according to the REMAX National Housing Report. The report also shows that Phoenix sellers have to wait a while to sell, as Phoenix ranks in the Top 5 for the average days on market before homes are are sold.
Despite the drop in sales activity and increase in Phoenix days on the market, inventory remained 24.4% higher than one year ago, although it eased down 0.4% from July. At the same time, the Median Sales Price rose 1.9% year over year to $448,000, marking the 26th consecutive month of annual price gains. Home prices have not declined year over year since June 2023. Month over month, however, prices slipped 0.6%, or $2,500.
Homes lingered on the market an average of 47 days in August—up eight days from a year ago and three days longer than July—according to data from the 51 metro areas surveyed.
“Housing market activity has recently been influenced by seasonal shifts and broader economic forces,” said Erik Carlson, CEO of RE/MAX Holdings, Inc. “While affordability remains a challenge in many areas, despite some recent improvements in mortgage rates, opportunities persist—especially in markets where prices have stabilized or inventory has improved. Buyers and sellers who stay informed and work with experienced agents are best positioned to navigate today’s market.”
Several metro areas continue to offer more accessible entry points for buyers. The five markets with the lowest median sales prices in August were:
| Median Sales Price: 5 Markets with the Lowest Median Sales Price | |||
| Market | Aug 2025 | Aug 2024 | Year-over-Year % Change |
| Cleveland, OH | $260,000 | $242,000 | +7.4 % |
| Wichita, KS | $260,000 | $250,000 | +4.0 % |
| Tulsa, OK | $266,000 | $278,000 | -4.3 % |
| Pittsburgh, PA | $270,000 | $251,000 | +7.6 % |
| St. Louis, MO | $287,750 | $270,000 | +6.6 % |
In Pittsburgh, the August median home price of $270,000 was significantly lower than the national median of $448,000, making it “one of the most affordable large cities for homebuyers,” according to Ben Hess, Broker/Owner of REMAX Real Estate Solutions. And he added, price is just one appealing aspect of his market.
“The city of Pittsburgh has 90 distinct neighborhoods, each offering its own unique character. Beyond the city, the region includes a wide range of suburban and rural communities—all within an easy reach of downtown and the area’s abundant educational, recreational, cultural and sports amenities,” Hess said. “Buyers are finding that value isn’t just about price—it’s also about access to lifestyle, community, and long-term potential.”
Other metrics of note:
- 2025 home sales have trailed 2024 levels in five of the first eight months of the year.
- Months’ Supply of Inventory remained at 2.8 months, the same as July and higher than the 2.3 months recorded in August 2024.
- Buyers paid an average of 99% of the asking price in August, the same as July 2025 and August 2024.
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Highlights and local market results for August include:
Phoenix days on the market rank high
The average days on market for homes sold in August 2025 was 47, up eight days compared to the average in August 2024 and up three days compared to July 2025. The metro areas with the highest days on market averages were Miami, FL at 80, San Antonio, TX at 79, and Coeur d’Alene, ID at 75. Phoenix sellers needed 74 days on the market. The lowest days on market were Hartford, CT and Manchester, NH tied at 20, followed by Milwaukee, WI at 25. Days on market is the number of days between when a home is first listed in an MLS and a sales contract is signed.
| Days on Market: 5 Markets with the Highest Days on Market | |||
| Market | Aug 2025 | Aug 2024 | Year-over-Year % Change |
| Miami, FL | 80 | 62 | +29.7 % |
| San Antonio, TX | 79 | 70 | +12.5 % |
| Coeur d’Alene, ID | 75 | 69 | +9.6 % |
| Phoenix, AZ | 74 | 63 | +17.2 % |
| Tampa, FL | 72 | 55 | +31.5 % |
Median Sales Price – Median of 51 metro area prices
In August 2025, the median of all 51 metro area sales prices was $448,000, up 1.9% from August 2024, and down 0.6% compared to July 2025. The markets with the biggest year-over-year increase in median sales price were Manchester, NH at +9.2%, Coeur d’Alene, ID at +9.0%, and Trenton, NJ at +8.5%. The markets with the biggest year-over-year decrease in median sales price were Bozeman, MT at -4.9%, San Antonio, TX at -4.7%, and Tulsa, OK at -4.3%.
| Median Sales Price: 5 Markets with the Biggest YoY Increase | |||
| Market | Aug 2025 | Aug 2024 | Year-over-Year % Change |
| Manchester, NH | $535,000 | $489,750 | +9.2 % |
| Coeur d’Alene, ID | $577,700 | $530,000 | +9.0 % |
| Trenton, NJ | $510,000 | $469,999 | +8.5 % |
| Pittsburgh, PA | $270,000 | $251,000 | +7.6 % |
| Detroit, MI | $295,500 | $275,000 | +7.5 % |
