A sizable share of pending home sales were canceled in January across the United States as factors such as high housing costs and uncertainty about the economy weighed on buyers’ minds, according to real estate brokerage Redfin.
The company said about 41,000 home-purchase agreements fell through in January, which equated to 14.3 percent of homes that went under contract that month.
“That’s up from 13.4 percent a year earlier and is the highest cancellation rate for this time of year since at least 2017,” the company said in a Feb. 28 statement.
Excluding the period at the start of the pandemic, pending home sales also fell to their lowest level on record, it added….