Home Sellers Are Pulling Properties off the Market at Record Pace
A record number of homes are being delisted as sellers face a sharp drop in demand, according to real estate brokerage Redfin.
On average, 2% of homes for sale were delisted without being sold each week during the three months ended Nov. 20, Redfin said. That compares to 1.6% a year earlier and is yet another sign that the decade-long housing boom is over.
In a complete reversal from the pandemic buying frenzy that prompted bidding wars and drove home prices to record highs, demand has slumped as mortgage rates have soared this year. Although borrowing costs have dipped slightly in recent weeks, many potential buyers have already been sidelined. As a result, sellers are increasingly taking their homes off the market after receiving low offers they aren’t willing to accept — or no offers at all.