Home Delistings Hit Record High in November

Home delistings hit a record in November as mortgage rates soared to a 24-year high deterring buyers and sellers, according to the latest data from Redfin.

• A record 2% of U.S. homes for sale were delisted on average during the 12 weeks ending Nov. 20.

• This is up from the 1.6% reported at the same time last year.

Hot To Cold. Some of the hottest markets 6 months are cooling off the fastest. Sacramento saw the most homes delisted at 3.6% during the 12 weeks ending Nov 27th.

• San Francisco took the number two spot with delistings at 3.4% followed by Oakland (3.3%) and Seattle (3.2%).

• Pittsburgh had the lowest share of delistings, at 1.3%, followed by Cincinnati (1.4%) and New Brunswick (1.5%)

Some Good News. The share has fallen slightly to 1.9% during the 12 weeks ending Nov. 27, which include the Thanksgiving holiday.