Delistings are outpacing overall inventory growth in the U.S. housing market as sellers hope for better offers in the future, according to a report released Tuesday by Realtor.com.

The real estate listings company noted that delistings increased 47% in May from the prior year and are 35% higher year to date. At the same time, active listings in May were up 31.5% year over year and 28.4% year to date, which Realtor.com sees as an “early signal that sellers may be losing patience in a market that’s taking longer to deliver desired offers.”

“This year’s market is a study in contrasts,” Realtor.com Chief Economist Danielle Hale stated in a press release. “Buyers are seeing more choices than they’ve had in years, but many sellers, anchored by peak price expectations and upheld by strong equity positions, are deciding to step back if they don’t get their number. Looking forward, this dynamic will affect whether we tip from a balanced to buyer’s market, and if so, how quickly that happens.”

Many sellers who choose to keep their homes on the market are doing so at a cost. Realtor.com observed that 20.7% of its listings experienced price reductions in June, which is the highest share for that month since 2016.

And despite the rise in delistings, Realtor.com reported that active listings clocked in around 1.09 million in June, which is up 4.8% from May and 28.9% from June 2024.

Inventory levels increased in all four regions of the U.S. in June, led by the West with 38.3% month-over-month gains. The South saw active listings rise by 29.4%, while the Midwest experienced a 21.3% uptick and listings in the Northeast grew by 17.6%.