The amount of homes listed for sale and then delisted – taken off the market without selling – is rocketing to all-time highs. (View Highlight)
Why it matters: Rising delistings are a sign of a pricing imbalance, with asking prices higher than what buyers are willing to pay. (View Highlight)
National delistings, as a percentage of total listings, are roughly double the normal rate, bucking seasonal trends, and accelerating rapidly. (View Highlight)
It all starts with pricing – and new listings coming to market are being priced very high.
• The median price per square foot on new listings is at record highs.
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Another sign of a pricing imbalance are price drops, the number of which are also rising.
• The percentage of active listings with price reductions is higher than it’s been for years, and is increasing.
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And for the houses that are selling, it’s taking longer.
• The median amount of days on market is slowly increasing and is higher than past years.
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This is the start of a price correction; sellers are bringing more inventory to market, but with “aspirational pricing” that buyers are not willing to pay. (View Highlight)
The record number of pricing corrective measures will likely lead to an overall correction – lower prices – as supply and demand continues to rebalance. (View Highlight)
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