Summary
Research shows a large increase in homes being taken off the market in the U.S. because sellers are not willing to lower prices. This trend is keeping home prices high despite a low demand from buyers, who face high costs and affordability issues.
Key Facts
- In September, 84,278 homes were removed from the market, a 28% increase from the previous year.
- The rate of homes being delisted was the highest for September since 2017.
- About 5.5% of all listed homes nationwide were removed from the market in September.
- Florida and Texas saw especially high numbers of delistings.
- Many homes have been on the market for over 60 days, leading sellers to remove them instead of accepting low offers.
- Around 15% of the homes taken off the market in September were at risk of selling at a loss.
- High mortgage rates and general affordability issues continue to discourage potential buyers.
