National home sale agreements that fell through last month reached a record high for February, with 13.7 percent of home buyers backing out of deals.
A March 24 Redfin report indicates more than 42,000 agreements collapsed—the highest number since records began in 2017.
The Redfin analysis is based on multiple listing service (MLS) pending sales data and attributes the rise in back-outs to the influx of additional buyer options.
“There are hundreds of thousands more home sellers than buyers in the country, a near-record gap that gives buyers options and negotiating power,” the report states.
“A buyer may back out of a contract during the inspection period if they see a home they like better or an issue comes up that they don’t want to repair.”…