Sellers delisting homes at fastest pace since 2020
CNBC • • business
Key Points:
- In April, 5.8% of home listings nationwide were pulled off the market, tying December for the highest delisting rate since the pandemic began in March 2020, driven by higher mortgage rates, rising gas prices, and weaker consumer confidence.
- Atlanta experienced the highest delisting rate at 10%, followed by San Jose (9%), Los Angeles (7.8%), Dallas (7.8%), and Seattle (7.7%), reflecting regional variations in market challenges.
- Despite easing home prices, they remain above last year's levels and have recently started to strengthen, with pending home sales rising slightly by 1.4% in April due to increased inventory.
- Some sellers are unwilling to lower prices despite buyers' increased negotiating power, leading to longer market times and some buyers withdrawing as the spring selling season ends.
- Approximately 2.5% of April listings were relisted homes, the highest share since mid-2020, as some homeowners attempt to capitalize on the spring market despite elevated mortgage rates.