The U.S. housing market held to the steady pattern that has defined much of 2025 this November but beneath the surface, two powerful forces continued to reshape activity. The first is an increase in delistings as more homeowners retreated from the market, and the second is rise of “refuge markets,” where buyers are finding the last remaining pockets of affordability, according to Realtor.com ‘s November Monthly Housing Trends Report . Both trends underscore how persistent affordability challenges are driving both sellers’ and buyers’ decisions heading into year-end.

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“Rising delistings and the growth of refuge markets capture the push and pull defining today’s housing market,” said Danielle Hale, Chief Economist at Rea

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