Metro Denver real estate delistings grow
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More metro area homes are disappearing from Denver's market without a sale.
Why it matters: Sellers around the city and nationwide are increasingly pulling homes off the market, unable to find buyers willing to meet their asking prices.
Zoom in: Just over a dozen metro Denver homes were delisted for every 100 newly listed in May — slightly lower than the national rate, according to a recent report from Realtor.com.
- Nationwide, delistings in May jumped 47% from a year earlier, per the real estate site.
The intrigue: Denver led the nation in price reductions, with 34% of listings carrying a price cut in June, the report found.
The big picture: Homebuyers across the U.S. are gaining bargaining power as inventory rises, but many sellers still expect peak-era prices and are reluctant to come down.
- Around 1 in 5 listings saw price cuts in June, a record high for the month, per Realtor.com data going back to at least 2016.
The bottom line: "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 the report.