Homeowners are suddenly pulling their houses off the market—and this is why

As the scales tip in favor of home buyers, more sellers are finding themselves unhappy with their prospects – and yanking their homes off the market. In April, 5.8% of all home listings in the U.S. were taken off the market according to a new analysis from Redfin. That rate matches the record high number of delistings in March 2020, when uncertainty about the pandemic shuttered businesses and slowed real estate deals to a crawl. Delisting rates were also this high in December of last year, a trend that points to a shifting market in which buyers now wield more power than sellers. With pickier buyers making more demands, sellers are less likely to lock in their dream deal, sometimes pulling their homes off the market in the process. Delistings were up for the second month in a row in April, up 3.8% from the month prior. Homeowners generally delist when they aren’t able to land the price they wanted and sometimes they decide against selling altogether. In other instances they might relist, putting a previously delisted home back up for sale after at least a month off the market. In April, 2.5% of homes on the market were relistings, matching the mid-2020 highs when many homes came back online after being pulled from the market in the pandemic’s early months. “Sellers are still getting used to the post-pandemic normal,” Arlington, Virginia Redfin Agent Patricia Ammann said in the report. “Prices aren’t soaring like they were five years ago–high gas prices and the rising cost of living overall is trickling down to the housing market, making buyers much less likely to bid prices up. Buyers know they have negotiating power, often offering under the asking price and completing inspections, but some sellers just won’t budge.” Delisting on the rise Home sellers might not always get their way in today’s market, but buyers often can. Mortgage rates remain high but housing inventory is growing, giving buyers more options and freeing up a tight market. Buyers are still grappling