Why San Diego sellers are pulling homes off the market
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About 15 San Diego County homes were delisted for every 100 newly listed in May — one of the highest ratios in the country, according to Realtor.com.
Why it matters: More sellers nationwide are pulling homes off the market, unable to find buyers willing to meet their asking prices.
By the numbers: 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.
Zoom in: San Diego has seen home prices drop and sales slow this summer, as inventory rises and houses are sitting on the market longer, the Union-Tribune reports.
- In July, the median asking price was $950,000, a nearly 5% drop year-over-year, per Realtor.com.
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.