Share of Home-Sale Deals Falling Through in March Rises Annually Amid Macro Woes, Redfin Says
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The share of US home-sale agreements falling through in March rose to 13.4%, up from 12.5% a year earlier, according to Redfin. Approximately 53,000 deals were canceled amid economic uncertainty and high housing costs. Factors such as layoffs, market fluctuations, and geopolitical turmoil are causing buyers to hesitate. Mortgage rates increased following the US-Israel war with Iran, contributing to the trend. Contract cancellations were most prevalent in San Antonio and Orlando, while Nassau County, NY, saw the fewest. March also saw a decrease in existing home sales, despite an increase in pending sales.
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