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Delistings Hit Record High in November

Delistings Hit Record High in November

Redfin logoRedfin says a record 2% of all U.S. homes for sale were delisted each week on average during the 12 weeks ending November 20, compared with 1.6% a year earlier.  Cities they identified as “pandemic boomtowns” such as Sacramento, Austin and Phoenix saw the biggest jump in delistings with prohibitively high housing costs dampening buyer demand.  Redfin defines a delisting as a listing that went from active to off market without being sold. To get their analysis they looked at 43 of the 50 most populous U.S. metro areas.  Indeed…

Sellers are taking their homes off the market because they’re often receiving no offers for the price they want to sell for, and sometimes, no offers at all. That’s due to a sharp drop in homebuyer demand driven by rising mortgage rates and persistently high home prices.

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