Real estate markets in US and Australia show increased inventory and slower sales

Real estate markets in the United States and Australia are showing signs of increased inventory and slower sales, potentially shifting leverage toward buyers.

In the United States, Zillow reports that 41 million homes were for sale in August, a 3% increase from the previous year. Additionally, 26.3% of listings saw price reductions in August, suggesting sellers are adjusting expectations to attract interest. Slower sales activity was also noted, with newly pending sales falling 2.6% compared to the previous year.

In Australia, properties are remaining on the market for longer periods. Domain data indicates that the average time to sell a house in Sydney reached a six-year high in August, while Melbourne reached a one-year high. Brisbane and Perth also saw three-year highs in days on market. This trend follows interest rate hikes and economic uncertainty, as buyers hesitate and sellers remain reluctant to accept significant discounts.