Home sales stall as wait times lengthen
The U.S. housing market has slowed significantly since its pandemic-era peak. Homes now take three times longer to go under contract than they did four years ago.
In May 2022, the typical home listed for sale went pending in six days, according to Zillow data. By May 2026, that period had stretched to 18 days, indicating buyers are gaining more influence in many areas.
The “median days to pending” metric measures how long it takes for a home to receive an accepted offer. Since pending sales often close weeks later, this measure reflects market changes faster than closed-sales data. Longer pending times usually mean demand is weakening, while shorter times signal rising competition.
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The slowdown hasn’t affected all regions equally. While nearly every market has seen longer selling times, the Sunbelt has experienced the most dramatic shift. Large areas of Florida, Texas, and the Southeast—once the center of the pandemic housing boom—now have some of the longest pending times in the country.
In May 2026, the 10 metro areas with the slowest markets were all in these regions. McAllen, Texas, had the longest median time at 79 days. Laredo, Texas, followed at 75 days, while Naples and Cape Coral, Florida, both sat at 66 days. Other Florida markets, including Punta Gorda, Panama City, Port St. Lucie, and Ocala, also ranked among the slowest.
Some Northeast and Midwest markets remained competitive. Springfield, Illinois, had the shortest median time at just four days. Kansas City, Missouri; Columbus, Ohio; and Lancaster, Pennsylvania, all recorded five days. Grand Rapids, Michigan; Hartford, Connecticut; and Cincinnati, Ohio, saw homes go pending in six days or less.
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The regional differences become clearer when comparing 2026 to 2022. Miami homes, which went pending in 10 days during May 2022, now take 52 days. Tampa increased from five days to 34, Jacksonville from five to 43, and Austin from 11 to 41. Similar trends appeared across Florida, Texas, and the Southeast.
Many Northeast and Midwest markets saw only small increases. Chicago’s median time rose from six days to eight. Philadelphia went from seven to nine, Boston from six to eight, and Cincinnati from three to six. These areas have avoided extreme slowdowns, partly because of persistently low inventory.
Buyers in slower markets now have more time to make decisions. Homes stay on the market longer, allowing for better comparisons, price negotiations, and requests for concessions. In tighter markets, competition remains strong. Limited inventory in the Midwest and Northeast continues to support prices and keep selling times short, even with mortgage rates near 7%.
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Conditions vary sharply by region.
Sunbelt metros, once the hottest in the country, now have some of the longest selling times. Meanwhile, parts of the Northeast and Midwest still favor sellers, with homes going pending in under a week. The divide between these markets is likely to persist.
