Buyers are gaining the upper hand in these major US housing markets

Core Insights - The housing market is currently characterized as a buyer's market in seven metropolitan areas, with Miami, Orlando, and Austin having the highest months of supply, indicating increased leverage for buyers [1][10][11] Market Supply and Demand - Miami has the highest supply at 9.7 months, a 35% increase from the previous year, indicating it would take nearly 10 months to sell all listings at the current pace [2][20] - Austin follows with 7.7 months of supply, attributed to a softening buyer demand post-COVID-19 and a significant increase in for-sale homes [5][21] - Orlando has 6.9 months of supply, with a 34% year-over-year increase in inventory [8][26] Price Trends - The median list price in Miami is $510,000, down 4.7% from the previous year [4] - In Austin, the typical home price is under $500,000, reflecting a 4.8% decrease year-over-year [7] - Orlando's median listing price decreased by 3.4% to $429,473 [8] Market Characteristics - All seven buyer-friendly metros share common traits of rising inventory and slower sales, leading to increased competition among sellers [10] - The housing market is particularly weak in the South and West, especially in Florida, with notable softness in inventory and price cuts [11] Future Price Predictions - The months of supply metric is predictive of future price movements, with all seven buyer's markets experiencing year-on-year price-per-square-foot declines [13]