AUSTIN – (By Dale King, Realty News Report) — Home sellers are jumping out of the real estate sales market at “unusually high” numbers nationally, says new data gathered by Realtor.com. In fact, the just-released information confirms 2025 as the year with the highest national delisting numbers recorded since the online marketplace began tracking the market measuring metric in 2022.
The pace of the nation’s real estate listings that were pulled off the U.S. market in October — reported with a one-month lag — soared 38% compared to a year earlier, states Realtor.com‘s November Monthly Housing Trends Report. Delistings surged 45% year-to-date compared to 2024, the report adds.
Delisting trends in 2025
While delistings normally increase in late in the year, this year’s pattern tells a different story. The Realtor.com report says the run-up began in June and has remained elevated for five straight months, with roughly 6% of active listings coming off the market each month — levels typically seen only during the dead of winter. Many sellers object to showing their homes to buyers in the holiday season at the end of the year.
A key indicator — the delisting-to-new-listing ratio — climbed to 0.27 in October. That meant for every 100 new listings brought to market, 27 homes were removed — about the same rate as in August, but up from 20 per 100 in October 2024.
The Miami markets reported the highest delisting ratios, with 45 per 100 new listings removed in October 2025, up from 34 in October 2024.
Studies say this reflects a growing mismatch between buyer affordability and seller price expectations, with more homeowners taking a step back rather than continuing to market homes that aren’t attracting offers.
Two forces reshape activity
The two aforementioned real estate forces — the rise in delistings and the increase in the number of buyers fleeing to “refuge markets” — both underscore how persistent affordability challenges are driving both sellers’ and buyers’ decisions heading to the end of 2025.
“Rising delistings and the growth of refuge markets capture the push and pull defining today’s housing market,” said Danielle Hale, chief economist at Realtor.com.
“A number of sellers are retreating after listing if the market doesn’t meet their price expectations while buyers are strategically redirecting to metros that remain affordable,” she said. “These dynamics reflect how higher rates and years of rapid price growth have rewritten the rules of engagement for both buyers and sellers.”
“As we move into 2026,” she adds, “gradual improvements in affordability and more consistent inventory will be key to unlocking a more balanced market.”
Buyers embrace refuge markets
Hale said buyers increasingly find purchase opportunities in smaller, traditionally affordable “refuge markets,” a new defining trend in the market. “These metros are seeing notable growth in price per square foot, not because they are expensive, but because they remain affordable.”
All 10 of the top markets for annual price-per-square-foot growth fit this refuge market profile. Prices remain well below national and regional medians, yet demand is strong enough to push sustained appreciation.
Many are located near pricier coastal or major metros, offering budget-sensible buyers a feasible commute or hybrid-work option.
Realtor.com says top-performing refuge markets include:
- Grand Rapids, Mich.: +5.5% year-over-year; +15.4% since 2022
- St. Louis, Mo.: +5.0% year-over-year; + 7.7% since 2022
- Cleveland: +4.5% year-over-year; +20.3% since 2022
- Milwaukee: +4.2% year-over-year; +21.0% since 2022
- Pittsburgh: +3.7% year-over-year; + 7.8% since 2022
These markets show how affordability pressures are re-drawing the map of U.S. housing demand. With mortgage rates having risen past 6% in 2022 and remain elevated, the report says many buyers are moving “down-market” toward metros where prices are 20% to 30% below the national median, even at their 2022 peak.
Inventory growth continues
Active listings increased 12.6% year-over-year in November, marking the 25th consecutive month of annual inventory improvements. But growth decelerated steadily from a roughly 30% peak in May and June. Inventory remained above 1 million for the seventh straight month and close to mid-summer levels, though still 11.7% below 2017–2019 figures.
Inventory went up across all major regions: West: +14.3%; South: +14.1%; Midwest: +10.3% and Northeast: +7.0%
At the metro level, 47 of the 50 largest markets saw annual inventory hikes. Charlotte (+34.7%), Las Vegas (+33.0%) and Washington, D.C. (+32.0%) posted the biggest hikes.
Even so, inventory relative to pre-pandemic levels remains extremely divided. The West (+3.1%) and South (+5.7%) are above their 2017–2019 norms while the Midwest (-32.9%) and Northeast (-48.4%) continue to lag sharply.
The number of newly listed homes ticked up 1.7% year-over-year and declined 14.4% month-over-month, a typical seasonal shift. Annual new-listing growth was reported in all regions except the South.
In Houston, the total number of homes listed for sale has been increasing this year. The Houston Association of Realtors reported active listings of single-family homes totaled 36,620 in November, up 21 percent from November 2024 .
“Houston’s housing market is setting into a balanced pace,” said HAR Chair Shae Cottar with LPT Realty. “Buyers now have more time, more options and a little more breathing room to negotiate. Sellers are still attracting offers, but realistic pricing and expectations make all the difference.”
HAR reported 6,347 single-family homes were sold in Houston in November, down 2.3% from 6,499 sales during November 2024.
Housing forecast
Realtor.com’s newly released 2026 Housing Forecast anticipates a slow but steady improvement in buyer conditions as more inventory comes online and affordability begins to ease.
With mortgage rates expected to stabilize and inventory growth continuing into 2026, the housing landscape is gradually shifting toward an environment where buyers have more options and slightly more leverage, even as overall activity remains subdued.
Dec. 23 2025 Realty News Report Copyright 2025
Photo credit: CALpix
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File Sellers Withdraw: Delistings Surge