U.S. Home Sellers Pull 5.8% of Listings in April as Higher Rates Sap Demand
Updated
Updated · CNBC · Jun 3
U.S. Home Sellers Pull 5.8% of Listings in April as Higher Rates Sap Demand
3 articles · Updated · CNBC · Jun 3
Summary
5.8% of U.S. home listings were delisted in April, up from March and tied with December for the highest share since the March 2020 market freeze.
Higher mortgage rates, elevated gas prices and weaker consumer confidence have cooled demand, leaving buyers with more leverage to bid below asking prices and insist on inspections.
Atlanta led major markets with 10% of listings pulled, followed by San Jose at about 9%; Los Angeles, Dallas and Seattle were all near 8%.
Pending sales still edged up 1.4% in April as inventory rose nearly 6%, but longer selling times and piling listings are pushing some owners to withdraw rather than cut prices.
Redfin also found 2.5% of April listings were relistings—the highest share since mid-2020—showing some sellers are still testing the spring market despite rates staying elevated.