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More home sellers are pulling properties off the market rather than dropping prices
Data from Realtor.com shows that delistings outpaced inventory gains in May. While inventory has climbed across the US, prices remain elevated.
Sellers are not interested in settling for a lower price, even if that means waiting longer to sell their home or backing out of the market entirely. Jake Krimmel, a senior economist at Realtor.com highlighted that sellers are enjoying "record high levels of home equity," which grant them significant flexibility. Other data shows that the number of first-time home buyers has steadily decreased, as economic conditions compel buyers—especially younger people—to see renting as a better financial decision.
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