The number of days US homes were on the market before selling grew for the first time in more than two years, according to research released today by Realtor.com.

Last month, a typical home spent 42 days on market, five days more than last year but still 22 days faster than in 2017-2019, on average. Realtor.com analysts say the trend reflects a housing market that's facing a reset after two pandemic-era years of "frenzied" buyer demand that outpaced supply.  Inventory is expected to rise and what Realtor.com calls "more typical seasonality" expected to return in the fall.

Time on market was lower across the 50 largest U.S. metros at 37 days, on average relative to the national median, but also slowed year-over-year. The biggest yearly gains in time on market were in Austin, Texas (+16 days), Raleigh, N.C. (+12 days), Riverside, Calif. (+11 days), Las Vegas (+11 days) and Nashville, Tenn. (+10 days). Meanwhile, Miami (-9 days) and Richmond, Va. (-1 day) were the only two cities of the top 50 surveyed by Realtor.com where time on market declined compared to August 2021 figures.