Summary
In October, homebuyers in San Antonio, Texas canceled the most home sales in the U.S., with over 21% of pending deals falling through. The trend of canceled home sales is seen nationwide, particularly in Sun Belt cities, where more homes are for sale now but fewer people can afford them.
Key Facts
- Over 21% of pending home sales in San Antonio, Texas were canceled in October.
- Nationwide, 15.1% of home sales did not go through in October, up from 14.3% a year before.
- About 53,000 home-purchase agreements were canceled in the U.S. in October.
- Cities in Texas and Florida, like Fort Lauderdale, Fort Worth, and Las Vegas, saw high cancellation rates.
- Areas with the lowest cancellation rates include Nassau County, New York, and San Francisco, California.
- Increased housing supply and decreased demand are causing cancellations.
- Real estate agents say buyers are being more selective and sellers may need to lower prices.
- Redfin predicts gradual improvements in home affordability in the coming year.
