In the South, pending home sales dipped 0.1% in July but rose 1.8% year-over-year

August 28, 2025

 WASHINGTON — Pending home sales decreased by 0.4% in July from the prior month and rose 0.7% year-over-year, according to the National Association of Realtors® Pending Home Sales report. The report provides the real estate ecosystem, including agents and homebuyers and sellers, with data on the level of home sales under contract.

Pending sales declined month-over-month in the Northeast and Midwest, held essentially flat in the South, and rose in the West. Year-over-year, sales decreased in the Northeast and West but increased in the Midwest and South. July’s Realtor® Confidence Index survey shows that 16% of NAR members expect an increase in buyer traffic over the next three months, unchanged from one year ago. Meanwhile, 21% expect an increase in seller traffic, up from 17% in July 2024.

“Even with modest improvements in mortgage rates, housing affordability, and inventory, buyers still remain hesitant,” said NAR Chief Economist Lawrence Yun. “Buying a home is often the most expensive purchase people will make in their lives. This means that going under contract is not a decision homebuyers make quickly. Instead, people take their time to ensure the timing and home are right for them.”

“Rising mortgage applications for home purchase are an early indicator of more serious buyers in the marketplace, though many have not yet committed to a pending contract. The Federal Reserve signaling that they may enact a lower interest rate policy should steadily enlarge the pool of eligible homebuyers in the upcoming months.”

July 2025 national pending home sales

• 0.4% decrease month-over-month
• 0.7% increase year-over-year

July 2025 regional pending home sales

Northeast

0.6% decrease month-over-month

0.6% decrease year-over-year

Midwest

4.0% decrease month-over-month

1.3% increase year-over-year

South

0.1% decrease month-over-month

1.8% increase year-over-year

West

3.7% increase month-over-month

1.9% decrease year-over-year

The percent of change in pending home sales is based on the Pending Home Sales Index (PHSI) – a forward-looking indicator of home sales based on home-contract signings. An index of 100 is equal to the level of contract activity in 2001.

The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

Pending contracts are good early indicators of upcoming sales closings. However, the amount of time between pending contracts and completed sales is not identical for all home sales. Variations in the length of the process from pending contract to closed sale can be caused by issues such as buyer difficulties with obtaining mortgage financing, home inspection problems, or appraisal issues.

The index is based on a sample that covers about 40% of multiple listing service data each month. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined. By coincidence, the volume of existing-home sales in 2001 fell within the range of 5.0 to 5.5 million, which is considered normal for the current U.S. population.

© 2025 National Association of Realtors® (NAR)

Older Homebuyers Are Gravitating Toward These Popular Metros

 

By Teresa Mettela - Realtor.com

August 28, 2025

The face of homeownership in America is getting older. The average homeowner across the country's 50 largest metropolitan areas is about 51 years old, according to a new LendingTree study. That figure highlights a generational shift, as affordability pressures continue to push the dream of buying a first home later into life for many Americans.

LendingTree analyzed 2023 U.S. Census Bureau data for the 50 largest metros to compare homeowner and renter ages, population averages, and housing costs.

The research shows that the average homeowner ages range from 48.09 to 54.60 years across major metros, with Los Angeles topping the list at 54.60, followed closely by San Diego at 53.63, and Miami at 53.38. It's been revealed that 8 of the 10 metros with the oldest homeowners are concentrated in either California or Florida.

Older homeowners might gravitate toward warmer climates and areas with strong health care and social services, according to the study.

Overall, the typical homeowner in these metros pays a median of $2,229 per month on housing costs with a mortgage, underscoring the financial weight that comes with owning a home—particularly in places like Los Angeles, where high prices and long tenures keep the market older.

Read the article:

https://www.realtor.com/news/trends/where-older-buyers-are-moving-california-florida?cid=soc_shares_article_CP

Cash Is King in Miami: More Than 50% of Homes Priced Above $1 Million Are Bought With Cash

 

By Anthony Smith

August 27, 2025

Miami is well-known for its glittering nightlife, palm-lined boulevards, and global reputation as a playground for the wealthy—so when it comes to real estate, one thing stands out above all else: Cash is king.

More than half of the homes priced above $1 million in the Miami metro are purchased in all-cash transactions, new data from Realtor.com® shows. And, as prices climb, so does the dominance of cash.

In Miami, 36.4% of homes priced between $750,000 and $1 million are bought with cash. That share leaps to 53.5% in the $1 million–$5 million range, 54.1% in the $5 million–$10 million tier, and nearly 59% for ultraluxury homes priced at $10 million or more.

"The South Florida market has a very distinct pattern: The higher up you go in price, the higher the all-cash percentage," Ana Bozovic, a Miami-based real estate agent and founder of Analytics Miami, tells Realtor.com.

And according to Bozovic, the most extreme levels of all-cash buying are seen when looking at high prices per square foot, which isolates new properties at prime locales.

"The percentage of all-cash buyers in this segment is shockingly high, as is the growth in sales volume," she says.

According to data analyzed by Bozovic's firm, in the first half of 2025, a staggering 83% of condominium sales past $2,000 per square foot were all cash, with sales volume up 631% compared to 2019.

Meanwhile, all-cash transactions in the single-family home sales category made up 79% during the same time period, up a shocking 1,200% from the pre-pandemic era.

"It is very important to note that this extreme spike in sales volume for new, prime product is being driven by cash," adds Bozovic. "Bubbles are not built on cash; they are built on debt, and they pop when the underlying assets can no longer sustain the debt. We have quite the opposite setup in the prime segment of the market: Miami is being propelled by cash."

By contrast, just 22.6% of homes in the $500,000–$750,000 range are paid for without financing. For buyers of seven- and eight-figure properties, though, financing is the exception rather than the rule.

High net worth buyers often have ample liquidity, or access to funds, but they choose speed for privacy and convenience.

"In a market where sellers are accustomed to cash, a financed buyer can appear less attractive," points out Bozovic.

Why sellers in Miami choose to delist instead of slashing prices

The prevalence of cash buyers also explains why Miami sellers are less willing to slash prices than their counterparts in New York or Los Angeles. With financing rarely a hurdle, sellers know their pool of buyers can move quickly and aren’t relying on mortgage approvals.

Even as listings expand and days on the market stretch longer than in other luxury hubs, Miami sellers are more likely to pull their properties off the market than cut asking prices.

In July, 59 homes were delisted for every 100 new listings in the metro—more than double the rate in May. Yet price reductions remain rare, bucking national trends.

Bozovic explains that sellers in Miami "show little fear" because they know the fundamentals of the local housing market are strong and capital continues to flow into the metro from across the U.S. and the world.

"High levels of cash create a firm floor," she stresses. "Crashes come when over-leveraged debt implodes, and we have the opposite setup today."

Miami's million-dollar listings

The Miami-Fort Lauderdale-West Palm Beach metro had nearly 50,000 active listings in July, with more than 1 in 5 priced at $1 million or more. That’s significantly higher than the national share of 13.8%.

At the ultrahigh end, nearly 4% of Miami listings were priced above $5 million, compared with just 1.3% nationwide. Fisher Island—a private enclave accessible only by boat—topped the charts as the priciest ZIP code in America, with a median list price of $11.9 million, the highest in the nation. Some listings there soared above $50 million.

Other luxury standouts include Pinecrest, where the median list price is $2.68 million, and Coconut Grove, where it is $1.85 million. Both neighborhoods have more than 70% of homes listed at $1 million or higher.

Even as inventory in the million-dollar-plus category rose 18.3% year over year in July, supply in the top neighborhoods remains tight. Fisher Island had fewer than 50 active listings, while Pinecrest counted just over 300 despite a 32% annual increase.

Miami’s million-dollar homes spent a median of 96.5 days on the market in July—longer than any of the top 20 metros with the most high-end listings. For the top 10% of properties, the timelines stretched to 114 days, compared with 86 in New York and 75 in Los Angeles.

Even so, sellers remain confident. Miami ranks among the lowest metros for year-over-year price reductions, reinforcing its image as a market where luxury-home owners are willing to wait out buyers rather than compromise on price.

Global and local demand keeps Miami strong

The market’s resilience rests on Miami’s role as a global gateway. Buyers hail from New York, California, Latin America, Europe, and Canada, drawn by the region’s climate, tax advantages, and waterfront living. Florida’s lack of a state income tax further boosts its appeal to high earners.

In fact, when it comes to international interest in the area, Colombia leads the way, according to a new report by the Miami Association of Realtors.

Bozovic argues that there is a political dimension to Miami's continued popularity among real estate investors.

"When jurisdictions go left, domestic and international money flows to Miami," she says. "For those buyers, putting cash into Miami real estate remains one of their most reliable methods of wealth preservation."

With international demand steady, tax benefits locked in, and cash continuing to dominate high-end sales, Miami looks poised to remain one of the nation’s most exclusive housing markets.

For sellers, that means patience is rewarded. And for buyers, one thing is clear: In Miami’s luxury real estate market, cash isn’t just preferred—it’s expected.

Snejana Farberov contributed to this report.

Anthony Smith is an applied economist at Realtor.com® with over a decade of experience analyzing housing, construction, and building product markets. Prior to joining Realtor.com®, he served as Chief Economist at FreightWaves and has advised Fortune 500 companies and private equity firms on housing-driven strategy. He holds a Master’s and Bachelor’s in Economics from New Mexico State University and is based in Austin, Texas.

https://www.realtor.com/news/trends/miami-cash-sales-luxury-market?cid=soc_shares_article_CP