De-listings Surge as Sellers Pull Homes in Miami, Phoenix and Other U.S. Markets

Sellers across several U.S. metros are increasingly removing homes from the market, a trend that accelerated this summer and risks reshaping local inventory dynamics.

Realtor.com reported that national de-listings rose 57 percent in July from a year earlier and are up 41 percent on a year-to-date basis. The ratio of de-listings to new listings climbed to 0.24 in July, meaning 24 previously listed homes were removed for every 100 new listings; that ratio was 0.17 a year earlier. Economists and real estate analysts said the spike reflects seller reluctance to accept current market prices and conditions.

The effect is concentrated in several "ground zero" markets. Miami, Florida, registered 57 de-listings per 100 new listings in July, the highest rate among major metros. Phoenix, Arizona, recorded 45 de-listings per 100 new listings, Riverside, California, had 34 per 100, and Tucson, Arizona, reported 33 per 100. In those markets, homeowners have been unwilling to cut prices further or sell at a loss, according to Realtor.com.

Homes are also taking longer to sell. The typical U.S. home spent 60 days on the market in August, seven days longer than a year earlier and above pre-pandemic norms for the second consecutive month. That marked the 17th straight month of year-over-year increases in time on market. Slower sales, combined with rising de-listings, have contributed to what industry economists described as a broadly subdued market this summer.

"The takeaway for buyers and sellers alike is that local conditions, not national headlines, are what matter most for pricing, competition, and timing," Danielle Hale, chief economist at Realtor.com, said in a statement.

Realtor.com senior economist Jake Krimmel characterized the situation as an "Anna Karenina housing market: Everyone is unhappy, but each in their own way." Krimmel said buyers face steep affordability barriers, sellers are losing market power but resisting price cuts, and builders are pulling back even as the nation remains short of roughly four million homes.

Homebuilders have responded to softening demand by slowing construction, further complicating supply dynamics. Industry participants and analysts warn that continued de-listings could reduce the flow of homes for sale later in the year, constraining buyer choice even as overall market momentum cools.

Regional differences remain pronounced. Some metros with earlier rapid appreciation have seen steeper seller resistance, while other markets show more balanced activity. The shifting mix of homes for sale—fewer listings but longer selling times for those that remain—has contributed to uneven pricing and competition at the local level.

Market watchers say the trend bears close monitoring because de-listings can mask underlying demand. A rising ratio of de-listings to new listings indicates a churn of homes entering and leaving the for-sale pool without completing transactions. If sellers continue to pull listings rather than adjust prices, market participants say inventory tightness could reappear even as sales volumes and price growth stagnate.

Policy makers, builders and real estate professionals face competing pressures: addressing affordability for buyers while managing expectations of sellers and the economics of new construction. Economists caution that national headlines will obscure divergent local conditions that will determine pricing, competition and timing in the months ahead.