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eller activity has surged as weak demand, falling prices, and economic uncertainty push homeowners to pull listings. In September, nearly 85,000 U.S. properties were removed from the market—a 28% jump from the same month last year and the largest September delisting count in eight years, per Redfin. The trend stems from listings languishing; 70% of homes were on the market for two months or more. Homeowners, seeing price erosion, prefer to hold out for better offers rather than accept low bids. Year‑over‑year price growth slowed to 1.3% in September, down from 1.4% in August, according to the S&P Case‑Shiller U.S. National Home Price NSA Index.

    Redfin’s senior economist Asad Khan notes that frequent delistings tighten actual inventory, keeping sale prices higher. Sellers are cutting prices, sometimes multiple times. Zillow reports an average $10,000 reduction per listing, with cumulative cuts reaching $25,000 in October—its largest discount ever. The market is entering its slowest season; only about 20% of delisted homes are relisted immediately, and many will wait for the busier spring. Prices remain roughly 50% above levels five years ago, yet recent buyers face potential losses. In September, 15% of delisted homes risk selling below purchase price—the highest share in five years, Redfin says.

    Realtor.com estimates the supply of homes for sale is 15% above last year’s figure, but seasonal factors and waning buyer confidence may shrink it further. Pending sales in October rose 1.9% month‑to‑month and were flat year‑over‑year, likely buoyed by a brief dip in mortgage rates before they rose again in November.

    This pattern reflects a cautious stance among homeowners, many of whom are now reluctant to accept offers that fall short of their expectations. The result is a tighter supply of active listings, which can help sustain higher sale prices even as overall market activity slows. However, the limited inventory also means buyers face stiffer competition for the remaining homes. With mortgage rates having dipped briefly before climbing again, the cost of borrowing remains a key factor influencing both buyer demand and seller decisions.

    Industry analysts predict that as spring approaches, the delisting trend may reverse, with sellers re‑entering the market in search of better offers. Until then, the market will likely remain characterized by slower transactions and a cautious buyer sentiment.