Redfin is reporting that a record 2% of US homes for sale were delisted each week on average during the 12-weeks ending November 20th. During the same period in 2021, the delisting rate was 1.6%.
That share has come down slightly since November 20th, declining to 1.9% during the 12-weeks ending November 27th (including the Thanksgiving holiday).
Redfin says that sellers are taking their homes off the market because they are often receiving no offers for the price they want to sell for, and sometimes, no offers at all. This is due to the sharp drop in homebuyer demand driven by rising mortgage rates and persistently high home prices. While mortgage rates have slipped slightly since mid-November, the monthly mortgage payment on the median-asking-price home is still 40% higher than one year ago.
Heather Kruayai, a Redfin real estate agent in Jacksonville, Florida, sums up the current delisting situation as follows:
“Some sellers are having a hard time grasping that we’re not in a housing-market frenzy anymore—it’s tough for them to swallow that they missed the boat on getting a high price. By the time sellers realize their listing was priced too high, it has already been on the market for too long and is considered stale. I recently had two sellers take their homes off the market after 45-plus days.”
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