Miami among U.S. leaders in home delistings as sellers pull back
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More U.S. homeowners are taking their houses off the market — and Miami is a national leader in delistings, according to Realtor.com.
Why it matters: The increase in delistings follows a surge in price reductions, showing that many sellers are unable to find buyers willing to meet their asking prices, per a Realtor.com analysis.
Zoom in: About 27 Miami-area homes were delisted for every 100 newly listed in May, the second-highest ratio among major U.S. metro areas with sufficient data.
Zoom out: Nationally, 13.6 homes were delisted for every 100 new homes listed in May, the real estate site reports.
- Delistings overall jumped 47% from a year earlier.
The big picture: Homebuyers 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.