Around 53,000 home-purchase agreements got canceled in the United States in October amid concerns about high housing costs and other factors, real estate brokerage Redfin said in a Dec. 3 statement.
The 53,000 cancellations represent 15.1 percent of homes that went under contract in October, up from 14.3 percent a year earlier.
One of the reasons home purchase cancellations remain elevated is that the housing market is now a buyer’s market, “with home sellers significantly outnumbering homebuyers,” the brokerage said. “This means buyers in most areas have room to negotiate and the flexibility to take their time; if they decide against one home, they will likely be able to find another one that meets their needs.”…