Serious headwinds in the housing market and the broader economy are tanking home sales at an alarming rate.
More than 40,000 signed home purchase agreements were canceled in December, representing 16.3% of all homes that went under contract, according to Redfin, a real estate brokerage. That’s up from 14.9% in December 2024.
It’s is also the highest share since Redfin began tracking this metric in 2017.
“High housing costs and rising inventory have made homebuyers more selective,” said Chen Zhao, head of economics research at Redfin. “Home sellers outnumber buyers by a record margin, meaning the buyers who are in the market have options and may walk away if they believe they can find a better or more affordable home.”
CNBC’s Property Play with Diana Olick covers new and evolving opportunities for the real estate investor, delivered weekly to your inbox.
