Is the surge in delistings good news for buyers? 

A power struggle is emerging between buyers and sellers — and it's not yet clear who will gain the upper hand.

Sellers continue to demand premium home prices, according to Realtor.com's June housing trends report. Many sellers have plenty of equity and low locked-in mortgage rates, both factors that enable them to be patient.

With inventory continuing to grow, buyers are getting the kind of leverage they haven't seen in years, and are able to shop around for the best deal. Buyers seem to be waiting for home prices or mortgage rates to drop, as evidenced by the sluggish home sales numbers this spring.

Sellers who are unable to get their preferred home prices can become "accidental landlords," according to a recent report from ATTOM. Based on research from Parcl Labs, the report found that areas where inventory has climbed the most tended to have higher shares of failed listings that ultimately turned into rentals.

"Accidental landlord rates matter because they represent more rental supply entering already-competitive markets," Parcl Labs Co-founder Jason Lewris wrote in the report.

So will real estate tip in buyers' favor? In many local markets where inventory has jumped, it already has. At the national level, it may take time as sellers' advantages remain, according to Danielle Hale, chief economist at Realtor.com.

Rise in delistings, price cuts: This balance between buyers and sellers is something the market has not seen since the housing supply reached six months nearly a decade ago.

"We're seeing hesitation on both sides of the market," said Anthony Djon, founder of Anthony Djon Luxury Real Estate. "Inventory is rising, giving buyers more options and making them more price-sensitive and selective. At the same time, some sellers — especially those not getting immediate traction — are stepping back. The market has clearly shifted from the urgency and intensity of recent years, and today's homeowners are having to recalibrate their expectations."

That hesitancy appeared in Realtor.com's latest trends data. In June, inventory was up 28.9% year-over-year, with active listings above 1 million nationally. Meanwhile, the rate at which homeowners pulled their listings jumped 47% year-over-year in May.

The median home price in June was basically flat, rising 0.1% year-over-year to $440,950. More than 1 in 5 listings received a price cut, the highest share for any June since at least 2016. Sellers' willingness to wait has kept prices from falling, according to the report.

More time on the market: The standoff between buyers and sellers was evidenced elsewhere in Realtor.com's report. The median time a home spent on the market was 53 days in June, five more than one year earlier. If seasonal trends hold true, that time on the market will continue to climb for the rest of the year.