May 2024 Housing Market Update: Are Sellers Aiming Too High?

Written By Shane White

A recent analysis by global real estate tech strategist Mike DelPrete reveals a striking trend in the U.S. housing market: homes are being taken off the market without selling at record-high rates. This surge in "delistings" suggests a growing mismatch between what sellers want and what buyers are willing to pay.

Key Findings:

  • Delistings have doubled nationally

  • New listings' prices are sky-high

  • More sellers are reducing prices

  • Houses are sitting on the market longer

DelPrete's conclusion? We're witnessing the start of a price correction. Sellers are flooding the market with overpriced homes, hoping for a big payday, but buyers aren't biting. With more delistings and price cuts, it seems the housing market is heading for a reality check.

As supply and demand find a new balance, we could see lower home prices on the horizon. If you're in the market to buy or sell, keep a close eye on these trends as they might just shape your next move.

Shane White
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