economy
Sellers are pulling homes off the market at the fastest pace since 2020
Frustrated sellers are pulling their homes off the market at an increasingly high pace, as demand weakens and bidding wars wane.
TL;DR
- 5.8% of home listings were pulled off the market nationwide in April, tying December for the highest share since March 2020.
- Delistings increased by 3.8% in April compared to March, influenced by higher mortgage rates, gas prices, and weaker consumer confidence.
- Atlanta had the highest share of delisted homes at 10%, followed by San Jose, Los Angeles, Dallas, and Seattle.
- Buyers now have more negotiating power, often offering below asking price.
- Home prices have been easing but remain higher than a year ago, with some recent strengthening.
- Pending sales saw a slight increase of 1.4% in April due to higher inventory.
- Some homeowners relisted their properties in April, seeking to benefit from the spring market, with relistings at 2.5%.