US Home Relistings Hit Record High (Delistings Soared In 2025 After Sellers Outnumbered Buyers)

Housing market woes continue. All the day and all the night.

Around 45,000 homes that were delisted in 2025 were back on the market in January – marking the highest relisting numbers since 2016 when Redfin began tracking.

Delistings soared in 2025 after sellers began to outnumber buyers, and decided to take their homes off the market to take another bite at the apple this spring. Overall delistings hit a record high of 112,788 in December, while relistings this year represented 3.6% of all homes on the market.

Supply gains have been concentrated in the South and West, particularly among homes priced under $500,000. While the Northeast and Midwest have seen some growth, they are still lagging behind the other regions.

As of February, active listings climbed by 7.9 percent year over year, reaching 914,860 homes across the nation for sale. A little more than 7 percent of those listings resulted in contract cancellations—down slightly from the same time in 2025.

An analysis of the country’s 50 largest markets showed sharp increases in inventory in Seattle, with a 38.5 percent hike, as well as Louisville, Kentucky, 27.3 percent higher, and San Jose, with nearly 25 percent more homes on the market.

On the other side, Hartford, Connecticut, experienced the deepest drop in inventory at over 82 percent, as well as Providence, Rhode Island, at 61.1 percent.

Overall, homes spent a median of 70 days on the market in February, four days longer than a year earlier.

Home Price Adjustment! Average Hourly Earnings YoY ABOVE Home Price Growth YoY (Home Price Growth Exploded Following Federal Governments’ Covid-related Spending Splurge)

The S&P Cotality Case-Shiller U.S. National Home Price NSA Index posted a 1.3% annual gain (YoY) for December 2025, down from a 1.4% rise in the previous month. Average hourly earnings now at 3.73% YoY, higher than home price growth.

Home price growth exploded following The Federal governments’ Covid-related spending splurge.

Geographic divergence widened sharply: Chicago and New York led all markets with gains above 5%, while Tampa, Phoenix, Dallas, and Miami posted the steepest declines among markets that finished the year in negative territory.

Inflation cooled significantly under Trump, but The Fed keeps printing M2!

Sure, Hillary, sure.

2025 New Home Sales Highest Since 2021 (Down -1.7% MoM In December)

US New Home Sales dipped 1.7% MoM in December (after a 15.5% MoM surge in November)…

…but ended the year at 745k – the highest SAAR since 2021…

“New” home sales have notably decoupled from “used” home sales in the last few years as homebuilders incentivize buyers (reducing margins) and lower prices (reducing revenues)…

Lower mortgage rates support modest further improvements in sales…

Will Trump get rid of tariffs on Canadian lumber?

US Pending Home Sales Collapse To Lowest Level Since 2001

Unfortunately, US pending home sales have collapsed to the lowest level since at least 2001. Nothing has been the same since Biden/Harris administration.

Mortgage rates are still too high by historic standards.

Speaking of Democrats running the economy, New York’s mayor Zoran Mandami (the Ugandan Communist) is seeking to raise property taxes to 9.5% which will hit EVERY New Yorker, not just the billionaires he allegedly wants to tax.

US Existing Home Sales Collapse In January (Down 4.6% MoM In January, Largest Drop Since February 2022)

After managing a 1.4% YoY rise in 2025 (dramatically down from the 9.7% YoY rise in 2024, and 33% YoY collapse in 2023), US existing home sales were expected to drop 4.6% MoM in January (following December’s outsized 5.1% MoM surge), despite a tumble in mortgage rates.

The analysts were correct on the direction but wrong on the scale as existing home sales plunged 8.4% MoM in January from a downwardly revised +4.4% MoM in December. That is the biggest MoM drop since February 2022.

While some suggested this could be impacted by the Winter Storms, this is based on contracts signed in November/December… and the biggest decline was in The West (which had zero weather impact)

Nevertheless, realtors gonna realtor:

“The below-normal temperatures and above-normal precipitation this January make it harder than usual to assess the underlying driver of the decrease and determine if this month’s numbers are an aberration,” NAR Chief Economist Lawrence Yun said in a statement.

That MoM plunge pulled the total SAAR down near 15 year lows…

Without an extended period of improved affordability, the recovery in the housing market is likely to be prolonged.

The NAR report showed the median selling price rose 0.9% from a year earlier to $396,800 last month.

First-time buyers represented 31% of buyers of existing homes in January, up slightly from 29% in the prior month and higher than a year ago.

The inventory of previously owned homes increased 3.4% in January from a year ago to 1.22 million.

A pickup in supply through 2025 has helped to tame price growth, though Yun said on a call with reporters that listings need to increase much more to help improve sales.

On the bright side, it appears mortgage applications are rebounding as the year started with lower rates…

Source: Bloomberg

Arguably, existing home sales have much further to go to the upside as the lagged mortgage rate has continued to decline… so what triggered this collapse?

Source: Bloomberg

Finally, circling back to where we started, NAR expects home sales to rise a stunning 14% this year, higher than most other forecasts but a figure that NAR Chief Economist Lawrence Yun said he feels “confident” in. That assumes more inventory will come on the market, mortgage rates will hover around 6% and the Fed will cut interest rates another two times, compared to policymakers’ median projection for one.

Average Homeowner Tenure Rises To 8.6 Years (Americans Aren’t Moving Much)

Higher housing prices and higher than normal mortgages produces rising average homeowner tenure.

And Americans aren’t moving.

The ratio of home prices to median household income is the highest since “The Big Short” home price collapse.

Housing Bubble Part Deux! Home Price To Median Household Income Now Higher Than During Catestrophic Home Price Bubble Of 2005-2009 (Job Losses Primarily Women)

Yikes! The ratio of US Home Prices to US Median Household Income is now higher than the ratio during the catestrophic housing bubble during the latter half of the 2000s.

Here is a chart of home prices and median household incone,

The labor market is truly screwed-up. The December jobs report reveals that women account for nearly all labor force losses.

I Ain’t Drunk! Home Buyering Collapses As Home Prices 55% More Costly Than When Biden Became President (Mortgage Rates 64% More Expensive)

I ain’t drunk! But it would help in this housing market where housing prices and mortgage rates are much higher than when Joe Biden became President in January 2020. In fact, the Case-Shiller national home price index is 55% higher than when Sleepy Joe took the reins of Presidency and the 30-year mortgage rate is 64% higher.

Because of higher housing prices and mortgage rates,

The Case-Shiller national home price index is 55% higher than when Sleepy Joe took the reins of Presidency and the 30-year mortgage rate is 64% higher.

As a result of higher housing prices and mortgage rate (and Gavin Newsom’s ludicrous policies), it will take over 30 years to accumulate enough savings to buy a home in San Diego, Los Angeles, San Jose and San Francisco.

I ain’t drunk, but first-time homebuyers will need to be drunk in this housing market.

The Fed trying to help the economy.

Pending Home Sales Fall To Lowest Since 2020 (Covid) As People Flee New York And California

According to Redfin, US pending home sales fell to the lowest since the Covid epidemic of 2020.

With the population change from state to state, like New York, California and Illinous to South Carolina and Idaho (home of Napolean Dynamite), it is no wonder that the housing market is in a state of turmoil.

Why leave New York? A scene from Mandami’s NYC.

State Of The Housing Market! Lowest Turnover In Decades, New Construction Premium Vanishes, Median Age Of First-Time Homebuyers Is 40

Home prices exploded under Biden and Covid Federal spending. Making housing unaffordable for millions. Now the turnover rates for homes is at its lowesst rate in decades.

Existing homes are now more expensive than new homes.

Florida housing is getting gut-punched from Naples to Punta Gorda.

Yikes! Median age of first time homebuyers is 40.

Fortunately, Joe Biden is out of office. But Chuck Schumer may make a comeback and restart the insane Covid-era spending. Schumer, the penultimate knucklehead in Congress, approved Ketanji Brown Jackson to sit on the Supreme Court of the USA.