Key facts
- Sellers are withdrawing homes from the market at an increasing pace.
- The current pace of withdrawals is the fastest recorded since 2020.
- Weakening buyer demand and a decline in bidding wars are contributing factors.
- High mortgage rates are also cited as a reason for seller frustration.
Home sellers are increasingly frustrated and are pulling their properties off the market at a significant rate, reaching the fastest pace since 2020. This trend is primarily driven by a noticeable weakening in buyer demand, a subsequent decline in bidding wars, and high mortgage rates. As the market shifts in favor of buyers, more sellers are becoming unhappy with their prospects and choosing to withdraw their homes.