The U.S. housing market in November was defined by a distinct dichotomy: a defensive retreat by sellers pulling homes from the market and a shift in buyer demand toward more affordable “refuge markets,” according to new data released Monday.

A report from Realtor.com reveals that delistings — homes removed from the market without being sold — surged 37.9% year over year. This marks the highest level of delisting activity since the platform began tracking the metric in 2022, signaling a growing standoff between homeowner price expectations and buyer purchasing power.

While sellers pulled back, buyers increasingly targeted lower-cost metropolitan areas. These “refuge markets,” primarily located in the Midwest, are experiencing sustained price appreciation even as the national median listing price fell slightly, by 0.4% to $415,000.

The rise in delistings suggests that many sellers are choosing to hold onto their properties rather than adjust to lower market valuations. In October, the delisting-to-new-listing ratio climbed to 0.27, meaning that for every 100 new homes listed, 27 were removed from the market. This represents a significant increase from the 0.2 ratio recorded in October 2024.

Certain markets saw even more drastic seller withdrawals. Miami recorded 45 delistings for every 100 new listings, while Denver and Houston experienced ratios of 0.39 and 0.37, respectively.

“Rising delistings and growth of refuge markets capture the push and pull defining today’s housing market,” Realtor.com Chief Economist Danielle Hale said in a press release. “A number of sellers are retreating after listing if the market doesn’t meet their price expectations.”

As national prices stagnate, demand has consolidated in areas where homes remain 20% to 30% below the national median. The report identifies these areas as “refuge markets,” where competitive pressure is driving up the price per square foot despite the broader market slowdown.

Grand Rapids, Mich., led this trend with a 5.5% year-over-year increase in price per square foot, followed by St. Louis (5%) and Cleveland (4.5%).

“These dynamics reflect how higher rates and years of rapid price growth have rewritten the rules of engagement for both buyers and sellers,” Hale noted, highlighting that buyers are “strategically redirecting to the metros that remain affordable.”

Despite the high rate of delistings, overall active inventory has improved. Active listings reached 1,072,417 in November, Realtor.com data shows, a 12.6% increase compared to the previous year. However, new listings grew by a modest 1.7%, reflecting the cautious approach of prospective homebuyers.

Looking ahead to 2026, the report anticipates a gradual stabilization, with mortgage rates leveling off and inventory continuing to accumulate. Realtor.com expects these market trends will offer buyers slightly more leverage, though affordability constraints will likely persist as the primary driver of regional migration.