Homebuyers are backing out of deals at the fastest pace in nearly a decade
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Homebuyers are canceling deals at the highest rate in nearly a decade, with over 16% of signed contracts in December being withdrawn. This reflects ongoing economic uncertainty and a surplus of home inventory, leading to increased selectivity among buyers. The gap between sellers and buyers reached a record high, with 47% more sellers in the market. Regions like Atlanta and Jacksonville experienced the most cancellations, while New York saw the least. The trend suggests weak closed sales in the upcoming months due to high cancellation rates.
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