Delistings have surged by 47% year-over-year in June as sellers are unable to secure desired prices for their homes. This trend reflects a broader shift in the housing market where buyers are gaining leverage. Many sellers refuse to adjust their pricing to match current market conditions, leading to longer selling times, with homes sitting nearly three weeks longer than the previous year. The increase in inventory is contributing to this imbalance, with expectations from sellers clashing with the realities of the market.
"What we're seeing nationally is a market that's gradually rebalancing, with buyers gaining leverage and sellers facing a tradeoff: Adjust to the market and sell for less, or hold out and risk sitting indefinitely," Realtor.com Senior Economist Jake Krimmel told Fortune.
"As a result, homes are sitting on the market nearly three weeks longer than last year," Krimmel said. "That's a sign of sellers still anchored to pandemic-era prices even though the market is telling them otherwise."
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