Homes are sitting too long, with 70% of listings on the market for 60+ days
Weak buyer demand, slowing prices, and economic uncertainty are prompting more homeowners to delist from selling.
Nearly 85,000 US sellers pulled their listings in September, a 28% jump from last year and the highest level for the month in eight years, Redfin reported.
Homes are sitting on the market too long, with 70% of listings spending 60+ days. Sellers are also reluctant to accept low offers or sell for a loss.
Prices are cooling. The S&P CoreLogic Case-Shiller Index shows just a 1.3% annual increase in September, down from 1.4% in August, signaling weakening momentum.
Sellers who stay listed are cutting prices sharply. Zillow found typical cumulative reductions reached $25,000 in October, matching record highs.
Redfin economists say delistings tighten inventory, preventing deeper price drops. With the slow winter season ahead, many sellers plan to wait until spring to relist.