A record high 2% of all U.S. homes for sale were delisted each week during the 12 weeks ending Nov. 20 as both buyers and sellers retreated from a for-sale market in the throes of a major correction. The share of delistings declined to 1.9% during the 12 weeks ending Nov. 27, but the total number of homes being removed from the market without selling is still elevated on a year-over-year basis.
Sacramento, CA is home to the largest share of delistings with an average 3.6% of active listings removed from the market during the 12 weeks ending Nov. 27, up 1.6 percentage points from a year earlier, Redfin reports.
“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,” said Heather Kruayai, a Redfin real estate agent in Jacksonville, FL. “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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