Housing Market Shifts: Delistings Surge, Buyers Seek Affordable Markets

Housing Market Shifts: Delistings Surge, Buyers Seek Affordable MarketsThe housing market is undergoing a significant transformation, with a notable increase in homes being taken off the market. In October, delistings jumped by nearly 46% compared to last year, an unusual trend for late fall. This shift is driven by higher interest rates and rapid price growth, leading to a more challenging market for both buyers and sellers.Buyers are now exploring refuge markets - areas with more affordable home prices that didnt experience the same price increases. Cities like Miami, Denver, and Houston, which saw significant price growth, are now seeing the most frustrated sellers.Despite a slight decrease in the national median list price, its still 36% higher than pre-pandemic levels. Another concerning trend is the rise in canceled contracts, with San Antonio seeing the highest rate of canceled deals. This is largely due to high housing costs and economic uncertainty. However, experts anticipate a gradual improvement next year, with potential lower mortgage rates and a more balanced market.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.