A growing number of frustrated home sellers are giving up, even during the crucial spring selling season, according to new data. Across the U.S., 5.8% of all home listings were taken off the market in April, according to real estate brokerage Redfin.
This matches December’s level and marks the highest share of delistings since March 2020, when the pandemic began and the housing market came to a halt. April delistings also increased by 3.8% compared with March.
This rise is happening as higher mortgage rates, elevated gas prices, and weakening consumer confidence continue to pressure housing demand. As a result, sellers are no longer in a strong negotiating position and are struggling to achieve their desired prices.
Atlanta recorded the highest rate of homes being removed from the market in April, with about 1 in 10 listings delisted. San Jose, California, followed at roughly 9%, then Los Angeles (7.8%), Dallas (7.8%), and Seattle (7.7%). Mortgage rates had been declining earlier in the year, with the 30-year fixed rate briefly falling into the 5% range at the end of February, according to Mortgage News Daily.
“Buyers know they have negotiating power, often offering under the asking price and completing inspections, but some sellers just won’t budge,” said Patricia Ammann, a Redfin agent, in a statement. Although home prices have been softening, they remain higher than a year ago and have recently shown some renewed strength.
“Markets that depend more heavily on traditional mortgage financing and rate-sensitive buyers are seeing prices stay relatively flat,” said Selma Hepp, chief economist at Cotality, in a statement. “Overall, fewer markets posted year-over-year price declines in April than in prior months, pointing to continued stabilization across the housing market.”
Signed contracts on existing homes—known as pending sales—rose slightly in April, increasing 1.4% from March, according to the National Association of Realtors. This modest gain is likely supported by higher inventory, which rose nearly 6% compared with March.
In some regions, listings are beginning to accumulate as new properties enter the market while others remain unsold. Homes are staying on the market longer, leading some buyers to step back as the key spring season winds down.
Some homeowners who had previously removed their listings over the past year returned them to the market in April, according to Redfin, hoping to benefit from the spring selling period despite elevated mortgage rates. The report found that 2.5% of April listings were relistings—matching the previous two months and representing the highest share since mid-2020, when housing demand surged sharply.
