(FOX BUSINESS) – A record number of homes have been delisted from the market in recent weeks as buyers and sellers continue to back off amid high interest rates and soaring inflation coupled with growing fears of a recession.
According to recent data from Redfin, a record 2% of homes for sale in the U.S. were taken off the market each week on average during a 12-week period ending Nov. 20. That compares with the 1.6% of homes that were delisted during the same period one year earlier, according to the real estate brokerage.
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In many cases, sellers are getting no offers for their asking price, and "sometimes, no offers at all," which is driving them from the market, according to the real estate brokerage.