Canceled home listings surge to five-year high in Mid-Atlantic

In the United States, significant changes are occurring in the Mid-Atlantic housing market as data reveals a concerning increase in canceled home listings. As of the week ending June 8, 2025, the region recorded 481 canceled listings, marking a substantial 39.8% rise from the same week last year and a 32.9% increase from the prior week. This sharp spike has raised alarm among industry experts as it indicates potential stress in the housing market. The Philadelphia metro area, in particular, has seen the steepest rise with a 60.5% surge in canceled listings compared to the same week in the previous year, suggesting localized issues may be at play. Alongside this increase in cancellations, the housing market in the Mid-Atlantic is experiencing a mix of activity levels. Although the number of new contracts signed held steady at 6,924, representing a 2.4% growth from the previous year, the overall atmosphere is tumultuous due to elevated mortgage rates and an ongoing housing affordability crisis impacting potential buyers. With many sellers pulling out of transactions, the situation reflects heightened uncertainty among both buyers and sellers, indicating that they may be hesitant to engage in the current market dynamics. Despite these challenges, showing activity has remained robust, with 90,906 showings recorded in the Bright MLS service area—up 2.5% from the same week in the previous year, marking a third consecutive week of year-over-year gains. This reflects a continued interest among buyers who are still exploring options within the housing market. However, certain regions, including Maryland's Eastern Shore and the MD-WV Panhandle, have faced declines in showing activity, suggesting that market conditions are not uniform across the Mid-Atlantic area and may be influenced by local economic factors. Overall, the notable increase in canceled listings combined with stable showing activity presents a complex picture of the current housing landscape in the Mid-Atlantic. As both buyers and sellers navigate this uncertain terrain, economic conditions, mortgage rates, and housing affordability will continue to shape their decisions moving forward. The financial implications of these trends deserve close monitoring, as they could ultimately pave the way for broader shifts within the housing market in the coming months.