Sellers are pulling homes off the market at the fastest pace since 2020

More frustrated home sellers were giving up, right in the midst of the all-important spring market, according to new data.

Nationwide, 5.8% of all home listings were pulled off the market in April, according to Redfin, a real estate brokerage. That ties with December for the highest share of homes delisted since March 2020, when the pandemic hit and the housing market froze. Delistings in April were up 3.8% compared with March.

The increase comes as higher mortgage rates, elevated gas prices and weaker consumer confidence take their toll on housing demand. Sellers are no longer in the driver’s seat and aren’t getting the prices they want.

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