Home sellers pull listings at highest rate since 2020 as high mortgage rates weaken demand
By
Diana Olick
Not artisan, but a perfectly fine bagel. Hits the spot.
Summary
New data from Redfin shows that 5.8% of all home listings were pulled off the market in April 2024, tying with December for the highest share since March 2020. This represents a 3.8% increase from March. The trend is driven by higher mortgage rates, elevated gas prices, and weaker consumer confidence, which are dampening housing demand and shifting leverage away from sellers.
Key quotes
· 3 pulledNationwide, 5.8% of all home listings were pulled off the market in April, according to Redfin, a real estate brokerage.
That ties with December for the highest share of homes delisted since March 2020, when the pandemic hit and the housing market froze.
The increase comes as higher mortgage rates, elevated gas prices and weaker consumer confidence take their toll on housing demand.
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