A growing number of homeowners who recently listed their properties for sale are now taking them off the market rather than lowering their price. This trend, known as “delisting,” has surged by nearly 50%, according to Realtor.com.
Demand has cooled over the month following years of a hot housing market. U.S. home sales have declined, while prices remain elevated, continuing to pose challenges for prospective buyers who have been priced out of the market.
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People aren’t buying homes like they used to because it’s just too expensive. And sellers don’t want to sell at lower prices, so more of them are delisting their properties and waiting instead.
In May 2025, 47% more homes were removed from the market than in May 2024, Realtor.com says. In the first five months of 2025, there were 35% more delistings than during the same period a year earlier.
Inventory grows despite cooling market
The total number of homes currently for sale has gone up, giving buyers more options.
Homes for sale increased by 29% between June 2024 and June 2025, with the number of homes newly put up for sale up by 6.2%.
However, the number of new listings did not change between May and June this year.
High equity gives sellers power to wait
“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,” Realtor.com senior economist Jake Krimmel said in a statement. “This allows many sellers to withdraw their homes from the market if their asking price isn’t met.”
Across the country in May, for every 100 homes that were newly put up for sale, 13 homes were taken off the market.
Phoenix leads in delistings
This trend has been much more extreme in Phoenix, where 30 homes were delisted for every 100 newly listed homes in May, the highest rate in the country.
“With median list prices essentially unchanged over the past two years, it’s clear that many sellers remain anchored to peak-era expectations,” Krimmel said. “While the market may be becoming more buyer-friendly, sellers still hold a trump card: delist the home and fish for that high asking price at a later date.”
Price cuts hit record high for June
Some sellers are lowering their prices as the market cools, struggling to achieve their desired prices. In June 2025, 20.6% of home listings had their asking prices lowered. That’s the highest percentage seen in any June since at least 2016, according to Realtor.com.
It reflects slower demand, possibly due to high mortgage rates or other affordability issues for buyers.
“This year’s market is a study in contrasts,” Danielle Hale, chief economist of Realtor.com, said. “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.”
