Although there were significant changes in May with respect to Sales, Total Inventory, Sale-to-listing ratio and Months of Inventory, the one data that didn't buck the trend was De-listings. De-listings remained at 10-year high for 3 months in a row and remained in the top 3 since 2008 for 8 consecutive months.
De-listings data is an enigmatic data in that it is generally very high during a buyer's market but a high value has the reciprocal effect of reducing the Total Inventory. In turn, this makes the SAL ratio and Months of Inventory look more favourable to sellers.
In theory, higher De-listings in a buyer's market should lead to higher New Listings as many that are de-listed are re-listed. For example, high De-listings and New listings were seen in 2008. However, high De-listings didn't lead to higher New Listings in 2012 nor is it showing up this year in 2019.
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