Sellers are pulling homes off the market at the fastest pace since 2020
Home sellers are increasingly withdrawing their listings from the market, with 5.8% of homes delisted in April, the highest rate since March 2020. This trend is attributed to rising mortgage rates, high gas prices, and declining consumer confidence affecting housing demand. Major cities like Atlanta and San Jose are seeing significant delistings as sellers struggle to meet buyer expectations.
- ▪5.8% of all home listings were pulled off the market in April, tying with December for the highest share since March 2020.
- ▪Delistings in April increased by 3.8% compared to March.
- ▪Atlanta had the highest share of homes delisted in April, with one in 10 pulled from the market.
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More frustrated home sellers were giving up, right in the midst of the all-important spring market, according to new data.Nationwide, 5.8% of all home listings were pulled off the market in April, according to Redfin, a real estate brokerage. That ties with December for the highest share of homes delisted since March 2020, when the pandemic hit and the housing market froze. Delistings in April were up 3.8% compared with March. The increase comes as higher mortgage rates, elevated gas prices and weaker consumer confidence take their toll on housing demand. Sellers are no longer in the driver's seat and aren't getting the prices they want. Atlanta saw the highest share of homes come off the market in April, with one in 10 delisted.
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