U.S. Home Sellers Withdraw Listings at Near-Record Pace

U.S. sellers withdrew homes from the market at the fastest pace since 2014, according to data compiled by Redfin. The share of listings taken off before closing reached 15.4 percent in the four weeks ending May 25, up from 13.6 percent a year earlier.

Buyer traffic declined 20 percent over the same period. Redfin reported that the number of home tours per agent fell to the lowest level recorded since the firm began tracking the metric.

Active listings rose 24 percent year over year, yet the increase did not translate into more completed sales. Homes that remained on the market took a median of 44 days to find a buyer, compared with 38 days last year. Median sale prices reached $415,000, a 1.7 percent increase from the prior year.

Redfin noted that the combination of higher prices and elevated mortgage rates continued to limit buyer participation.

Withdrawal rates varied across major metropolitan areas.

Markets with the highest seller pullback included Austin, San Diego, and Denver, where more than one in five listings were removed before closing. Redfin stated that the data reflect current supply and demand dynamics without projecting future price movements.