In October, however, delistings, which are reported with a one-month lag, were up 45.5% year to date and rose nearly 38% from October 2024, according to a new report from Realtor.com.

The report calls it an "unusually high rate," as this is now the highest delisting year since Realtor.com began tracking in 2022. Delistings started to rise in June and have remained elevated for five straight months. About 6% of active listings are coming off the market each month, which is typically only seen in the dead of winter.

In addition, more potential buyers are heading to what Realtor.com calls "refuge markets." These are areas where home prices are much more affordable and didn't see the run-up in prices during the first years of the pandemic.

"Rising delistings and the growth of refuge markets capture the push and pull defining today's housing market," said Danielle Hale, chief economist at Realtor.com, in a release. "These dynamics reflect how higher rates and years of rapid price growth have rewritten the rules of engagement for both buyers and sellers."

Hale does forecast a gradual improvement next year, with potentially lower mortgage rates and more consistent supply creating an increasingly balanced market between buyer and seller.

Some of the cities that saw the most price growth over the past five years are now seeing the largest share of frustrated sellers. Miami, Denver and Houston saw the highest ratio of homes delisted compared with newly listed.

The median list price in November nationally was 0.4% lower than November 2024, according to Realtor.com. It was still, however, 36% higher than November 2019, pre-pandemic. New listings were up just 1.7% from a year ago.

Price gains are much stronger in refuge markets, like Grand Rapids, Michigan, where they're up 5.5% year over year and St. Louis where they're up 5%. Cleveland, Milwaukee and Pittsburgh round out the top-performing refuge markets, according to the report. Prices in these markets are still 20%-30% lower than the national median.