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ending home sales rose 1.9 % in October, yet they still lag 0.4 % behind last year’s figures, according to the National Association of Realtors. The uptick appears modest and may not signal a lasting shift, as the NAR Confidence Index fell to 17 % in October—down from 20 % in September and 19 % a year earlier—indicating that only a small fraction of agents anticipate increased buyer activity in the coming months.
Despite this cautious outlook, the market is showing signs of stabilization. Lisa Sturtevant, chief economist at Bright MLS, notes that while mortgage rates are easing, affordability remains a long‑term hurdle. “The fundamentals of the U.S. housing market are still strong, but affordability challenges will persist for years,” she said. Odeta Kushi, deputy chief economist at First American, echoes this sentiment, suggesting that the October data points to a gradual improvement rather than a complete stall.
On the seller side, inventory remains above last year’s levels, yet delistings are climbing faster than new listings. Redfin reports that 85,000 homes were withdrawn from the market in September—a 28 % jump from the same month a year ago and the highest September delisting count in eight years. Asad Khan, a senior economist at Redfin, explains that this surge reflects a significant rise in sellers abandoning their properties after prolonged exposure to the market.
Several factors contribute to the spike in delistings. About 70 % of U.S. homes have been on the market for at least 60 days, and the average property that is removed had been listed for roughly 100 days before the owner decided to pull it. Sellers are increasingly wary of selling at a loss and are reluctant to accept lower offers, especially those who purchased during the pandemic’s frenzy. Khan notes that 34 % of September’s delistings came from owners who bought between two and five years ago, a group that still expects high prices and is hesitant to negotiate.
In contrast, long‑term owners—often downsizing or relocating for retirement—are more motivated to sell. This demographic shift adds another layer to the market’s dual trends: buyers are re‑entering the market after a pause, while sellers are pulling out at a record pace.
Overall, the housing market is navigating a complex landscape. Pending sales show a brief lift, but the confidence index suggests that many agents foresee a slowdown. Affordability remains a persistent challenge, though economists believe the fundamentals are solid and that gradual improvements are on the horizon. Meanwhile, the rise in delistings—particularly among pandemic‑era buyers—highlights the tension between sellers’ expectations and the realities of a market that is still adjusting to post‑pandemic dynamics.
