Here’s why US homes were pulled off market at a record pace last month

Source: New York Post —

US listings of home for sale got pulled a record clip in November because of a major freeze in the market that surprised sellers, according to a recent report by real estate firm Redfin.

An average of 2% of US homes up for sale were delisted each week during the 12-week period ending on Nov. 20, the report said. The share of homes pulled from the market was the highest on record and up from 1.6% during the same period one year ago.

The spike in delisted homes for sale is attributable to a recent collapse in buyer demand, according to Redfin. Homeowners listed their properties expecting the huge offers of the pandemic-era housing boom – they are instead struggling to find any buyers at all.

“Some sellers are having a hard time grasping that we’re not in a housing-market frenzy anymore — it’s tough for them to swallow that they missed the boat on getting a high price,” said Heather Kruayai, a Florida-based Redfin real estate agent.