Slowest-selling cities
In other cities, buyers often can take their time before making a bid. Here are the five metro areas where it’s taking the longest to sell homes:
Syracuse, N.Y.:
❚ Time to sale: 144 days. Among the nation’s 100 largest metro areas, it ranked last in economic growth from 2010 to
2015, the Brookings Institution said. Home prices up 3.5% the past year.
Long Island, N.Y.:
❚ Time to sale: 132 days. Prices are up a respectable
5.8% the past year, but luxury homes may take longer to sell.
New York:
❚ Time to sale: 128 days. The city is beset by a glut of luxury homes. The new tax law limits deductions on higher-priced homes. Prices are up 5.9% the past year.
Miami:
❚ Time to sale: 115 days. Jobs are growing, but many are in the lower-paying tourism industry, Chacon says. And luxury homes linger on the market.
Pittsburgh:
❚ Time to sale: 99 days. The population has edged down in recent years, and housing prices have been stable. Prices are up
5.1% the past year.