L
ate‑fall is traditionally the period when most homes leave the market, as sellers who haven’t sold by then prefer to avoid the slowest winter months. A new Realtor.com report shows that delistings in October—reported with a one‑month lag—are up 45.5% year‑to‑date and nearly 38% higher than in October 2024. This marks the highest delisting rate since Realtor.com began tracking in 2022. Delistings began rising in June and have stayed elevated for five consecutive months, with about 6% of active listings dropping each month, a figure usually seen only in the heart of winter.

    Realtor.com identifies “refuge markets” as areas where home prices remain more affordable and did not experience the pandemic‑era price surge. These markets are attracting more buyers. “Rising delistings and the growth of refuge markets capture the push and pull defining today’s housing market,” said Danielle Hale, chief economist at Realtor.com. “These dynamics reflect how higher rates and years of rapid price growth have rewritten the rules of engagement for both buyers and sellers.” Hale projects a gradual improvement next year, with lower mortgage rates and steadier supply potentially balancing the market.

    Cities that saw the steepest price gains over the past five years—Miami, Denver, and Houston—now report the highest ratios of delisted homes relative to new listings. Nationally, the median list price in November was 0.4% lower than in November 2024, yet still 36% above the pre‑pandemic November 2019 level. New listings were only 1.7% higher than a year ago.

    Price gains are strongest in refuge markets. Grand Rapids, Michigan, posted a 5.5% year‑over‑year increase, while St. Louis rose 5%. Cleveland, Milwaukee, and Pittsburgh also rank among the top performers. Prices in these markets remain 20‑30% below the national median.

    Another concerning trend this fall is the rise in canceled contracts. Roughly 15% of home purchase agreements were withdrawn in October, up from 14% a year earlier and well above pre‑pandemic levels. San Antonio led with 21% cancellations, followed by Fort Lauderdale (20%), Fort Worth (19.7%), Las Vegas (19.2%), and Jacksonville (19.2%). High housing costs and economic uncertainty are cited as primary drivers of these cancellations.