A growing share of sellers are pulling listings because homes are sitting longer, offers are softer, and cutting prices feels like locking in a loss. Redfin data shows nearly 70% of homes listed in September sat on the market for 60+ days, and roughly 15% of delistings were at risk of selling below purchase price, which helps explain why owners would rather wait than blink first.

What this says about the housing market

This is what a frozen market looks like. Buyers are constrained by affordability and rates; sellers are anchored to 2021–2022 price memories. So instead of prices clearing lower in a clean way, supply gets artificially pulled back. Historically, when listings are withdrawn en masse, it’s not the bottom; it’s the phase where neither side has accepted the new clearing price yet. Eventually, either rates fall meaningfully, incomes catch up, or prices do the work. Right now, sellers stepping away is the market telling you that adjustment is still unfinished.