U.S. home sellers are pulling their properties off the market as buyers resist high asking prices.

What Happened: According to a report from Realtor.com, 48% surge in nationwide delistings in July compared to the same period last year. For every 100 homes newly listed in the US market in July, 21 were delisted.

This trend suggests that sellers are clinging to peak-era price expectations and are unwilling to negotiate, said Danielle Hale, chief economist at Realtor.com.

The US housing market is at a pivotal juncture, with potential buyers wrestling with skyrocketing home prices, high mortgage rates, and other escalating costs.

This has resulted in a lackluster home selling season this year. As a result, sellers are increasingly offering price discounts, and the market is slowly tilting in favor of buyers.

Also Read: Mystery Seller Behind $105 Million Plot Next to Jeff Bezos Estate Finally Revealed

“We are just getting past the peak of the selling season traditionally, and home sales tend to slow through the rest of the year as kids get back to school and families settle in,” Joel Berner from Realtor.com said.

The highest proportion of delistings compared to new listings nationwide was observed in Miami, Florida, at 59, more than double compared to May. Phoenix, Arizona, and Riverside, California, followed with 37 and 30 delistings respectively.

The current situation in the US housing market is a clear indication of the challenges sellers face in a market dominated by high prices and elevated mortgage rates.

The reluctance of buyers to meet these high asking prices has led to a shift in the market dynamics, with sellers being forced to offer discounts or withdraw their properties from the market.

This trend, if it continues, could have significant implications for the overall health of the US housing market.

Read Next

Trump’s Mar-a-Lago Neighbor Lists Home for $12.5 Million -- 32 Times Original Price

Image: Shutterstock