Research published Tuesday says delistings are up 35 percent from the same period in 2024.
Thirteen homes were delisted in May for every 100 homes hitting the market, according to Realtor.com.
The number marks a rise from the 10 homes delisted in the spring of last year and 2023, and six property delistings in 2022.
“Unlike past housing cycles where falling prices pressured underwater homeowners to sell, today’s homeowners benefit from record-high levels of home equity, so they have the flexibility to wait it out,” said Jake Krimmel, Realtor.com senior economist.
“This allows many sellers to withdraw their homes from the market if their asking price isn’t met,” he added.
Homes in the western and southern portions of the United States are experiencing the highest number of delistings across the board. Phoenix led the nation in home delistings in May and price cuts in June.
Austin, Texas and Denver were the next two states with the largest share of price reductions, according to Realtor.com.
“This year’s market is a study in contrasts,” said Danielle Hale, chief economist of Realtor.com.
“Buyers are seeing more choices than they’ve had in years, but many sellers, anchored by peak price expectations and upheld by strong equity positions, are deciding to step back if they don’t get their number.”
Nationally, inventory remains 13 percent below pre-pandemic norms, but researchers are marking growth in trends.
Active listings topped 1 million for the second straight month in June while all four major U.S. regions saw inventory growth in June, according to Realtor.com.
