In September, a record number of home sellers in the US decided to pull their listings off the market. Nearly 85,000 sellers took their properties down, marking the highest figure for that month in eight years, according to data from Redfin. At the same time, homes that had been listed for 60 days or more—the so-called stale listings—reached their highest level for any September since 2019.
This slowdown comes as the housing market struggles with rising economic uncertainty and concerns about affordability. Many buyers are holding back, waiting on the sidelines despite a growing number of homes for sale. Because of this, sellers are hesitant to accept lower offers and often choose to stay put rather than sell for less than they want.
Home prices in the US have also been growing more slowly, with September marking the eighth month in a row of slowdown. Buyers now have more leverage, pushing sellers to reconsider their expectations. Chen Zhao, Redfin’s head of economics research, explained that buyers and sellers seem out of sync. Buyers want prices to drop, but sellers still hope for steady or rising values, leading to frustration on both sides.
Another concerning trend is that roughly 15% of the homes taken off the market in September were at risk of selling below what their owners paid for them. This is the highest share in five years, highlighting just how tough the market has become for sellers.
Looking at specific cities, Miami had the highest percentage of listings pulled off the market, with 7.8% of homes taken down. Fort Lauderdale followed closely at 7.7%, while Dallas, Philadelphia, and West Palm Beach each saw about 7.5% of listings removed.
Overall, many American homeowners are choosing to wait things out rather than accept offers they consider too low. With uncertainties around the economy and home prices, the housing market is in a holding pattern, leaving buyers and sellers in very different worlds.