A growing share of U.S. homeowners are pulling their properties off the market rather than trimming asking prices, a trend that economists warn could prolong the housing stalemate.
Delistings—homes taken off the market without a sale—jumped 38% between January and June 2025 and 48% from a year earlier, according to new Realtor.com data. “Fewer and fewer sellers are deciding to enter the market, and increasingly more are deciding to jump out,” said Jake Krimmel, senior economist at Realtor.com.
Key numbers that show the deadlock
- 21 delistings for every 100 new listings in June, up from 13 per 100 in May, indicating more sellers are exiting mid-listing.
- For-sale inventory in July rose nearly 25% year over year, a post-pandemic high for active listings.
- Pending sales fell 3% in July from a year earlier, underscoring sluggish demand despite more homes on the market.
Krimmel warned the pattern can entrench a pricing impasse: “What’s going to prevent buyers and sellers from getting closer together is if all the sellers who maybe could or should be lowering their prices… are instead taking their homes off the market altogether. So it’s kind of like keeping us in this holding pattern.”
Why sellers are stepping back
Many owners aren’t under pressure to sell quickly—especially those locked into ultra-low pandemic-era mortgage rates. If the choice is between accepting a lower price or waiting, a growing number are choosing to wait. “Maybe you’re locked into payments that are relatively affordable for you,” Krimmel said. “You would prefer to sell, but not at a price that you’re not comfortable with.”
Expectations are also sticky after the pandemic price surge. In hot-migration markets that saw record run-ups—think Austin and similar boomtowns—seller psychology has lagged the cooler reality. “Maybe we’ve gotten a bit spoiled by very high home prices over the last many years, but we are seeing some softness in the market right now,” said Nancy Vanden Houten, lead U.S. economist at Oxford Economics.
Not all markets are behaving the same
Local dynamics vary widely. Miami stands out for its extreme reluctance to cut: Realtor.com’s analysis shows 59 homes were delisted for every 100 new listings in June—the highest ratio among tracked cities—while fewer than 18% of listings carried a price reduction in July. For some, that’s a strategic bet. “If sellers are choosing to take properties off the market rather than lower prices, it may signal renewed confidence in Miami’s future, and a growing belief that this is a market worth holding for the long haul,” said Ana Bozovic, a Miami broker and founder of Analytics Miami.
What it means for the market
- Supply is up, sales aren’t: Even with more homes available, elevated prices and high mortgage rates are restraining buyers, keeping transaction volumes muted.
- Prices can stay sticky: Delistings reduce visible price cuts and limit comps that would pull asking prices down, preserving the gap between what sellers want and buyers will pay.
- Risk of a longer stalemate: If rates don’t fall meaningfully—or if sellers keep holding out—pricing alignment could take longer, slowing market turnover.
What’s next to watch
- Mortgage rates: A sustained decline could bring more buyers back and convince would-be sellers to re-list, easing the standoff.
- Seasonal pricing moves: Late-summer and fall often see strategic price adjustments; if delistings keep rising instead, expect the impasse to persist.
- Local splits: Markets with larger inventory growth may see earlier price normalization; markets like Miami could remain tight if owners keep waiting out buyers.
Reader intent: quick answers
What happened?
Delistings surged this year, with more owners removing their homes from the market rather than cutting prices. The June ratio hit 21 delistings per 100 new listings, up sharply from May.
Why does it matter?
Fewer price cuts and more pullbacks keep buyers and sellers far apart, limiting sales even as inventory rises. That slows the path to a balanced market.
Is this everywhere?
No. The trend is national, but intensity varies. Miami shows the strongest hold-out behavior (high delistings, few price reductions), while other regions with rising supply are seeing softening prices.
What should buyers do now?
Focus on well-priced, move-in-ready homes and watch for targeted price cuts later in the season. Pre-approval and flexible closing timelines help when good inventory appears.
What should sellers do?
If you must sell, consider smart pricing in line with recent comps and be ready to negotiate on credits or closing terms. If you can wait—and you believe in your local market’s outlook—temporarily delisting may be reasonable, but be mindful that extended gaps can date a listing when it returns.
How long until the gap narrows?
That depends on rates, local inventory, and seller expectations. A clear rate downtrend or broader price realism could accelerate alignment; without those, expect gradual, market-by-market progress.
Bottom line: Rising delistings are the latest sign of a housing market stuck between abundant inventory and constrained demand, with many owners choosing to sit out rather than mark down—keeping the standoff alive into the back half of 2025.
