NEW YORK: Homesellers in the United States are yanking listings off the market, as the country’s real estate sector stagnates.
Nearly 85,000 sellers removed their properties in September, the highest number for that month in eight years, according to Redfin.
The number of stale listings – those sitting on the market for 60 days or more –jumped to the highest level for any September since 2019.
The housing market is weakening as economic uncertainty and affordability concerns keep buyers on the sidelines, even as available listings grow.
That’s causing many Americans to stay in their current homes, rather than settle for lower offers.
Price growth in the United States slowed for an eighth straight month in September as buyers gained leverage over sellers.
“Buyers and sellers are living in different worlds now,” said Chen Zhao, head of economics research at Redfin.
“Buyers are demanding that prices need to be coming down, but sellers are still expecting prices to stay resilient and to continue growing. Sellers are not liking where market clearing prices are.”
About 15% of homes that were delisted in September were at risk of selling at a loss, the highest share in five years.
Miami saw the highest share of delistings, with 7.8% of all listings pulled off the market, followed by Fort Lauderdale with 7.7%. — Bloomberg