Housing Market Feels the Chill as Buyers Pull Back—but Sellers Are Not Panicking Yet

The national housing market is feeling the chill as high borrowing costs are forcing frustrated buyers to throw in the towel, yet sellers are largely digging in to wait out the slump.Two key metrics—price cuts and delistings—tell the story of American home sellers' resilience in the face of adversity this fall. Across the U.S., about 4.4% of active listings were pulled off the market in October, down from 4.6% a year ago, according to the latest Realtor.com® monthly housing market trends report released on Wednesday. On a monthly basis, the delisting rate has ticked up slightly from 4% in September, in line with typical seasonal trends, but no more than that, even with mortgage rates well exceeding 7% and buyer demand waning.According to Realtor.com senior economist Jake Krimmel, delistings matter because they act as a canary in the coal mine. A jump in the delistings rate could be a sign of a housing market in distress.However, the October findings show that sellers are not ready to take their ball and go home yet. "Job relocations, family circumstances, and financial challenges are among the top reasons I am seeing sellers stay on the market rather than withdraw and wait until sp...