Homes taken off market hits new high as buyers and sellers retreat

A record 2% of U.S. homes for sale were delisted each week on average during the 12 weeks ending Nov. 20, compared with 1.6% one year earlier, according to a new from Redfin (), the technology-powered real estate brokerage. That share has come down a touch since then, declining to 1.9% during the 12 weeks ending Nov. 27, which include the Thanksgiving holiday.

Sellers are taking their homes off the market because they’re often receiving no offers for the price they want to sell for, and sometimes, no offers at all. That’s due to a sharp drop in homebuyer demand driven by rising mortgage rates and persistently high home prices. While mortgage rates have dipped slightly since mid-November, the monthly mortgage payment on the median-asking-price home is still 40% higher than it was one year ago.

"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

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