Redfin Reports 14% of Home-Sale Agreements Fell Through Last Month—A Record for February
Rocket Companies, Inc. Class A (RKT)
Company Research
Source: Business Wire
House hunters have the upper hand, allowing them to abandon deals over price, repairs or second thoughts.Cancellations are most common in Tampa and San Antonio, where there are roughly twice as many sellers as buyers. SEATTLE--(BUSINESS WIRE)--More than 42,000 U.S. home-sale agreements fell through in February, equal to 13.7% of homes that went under contract that month. That’s up from 12.8% a year earlier, and the highest February share in records dating back to 2017, according to a new report from Redfin, the real estate brokerage powered by Rocket.This is based on a Redfin analysis of MLS pending-sales data. The data is seasonal, which is why this February is compared to past Februarys.Nearly one in every seven homebuying deals are falling through largely because buyers are in the driver’s seat. There are hundreds of thousands more home sellers than buyers in the country, a near-record gap that gives buyers options and negotiating power. A buyer may back out of a contract during
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