Home sale cancellations rise in Phoenix
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More Valley home sales are getting canceled as economic uncertainty and stubbornly high prices leave buyers with cold feet, according to a new Redfin report.
By the numbers: Roughly 15.4% of pending home sales in metro Phoenix fell through in January, up from 14.3% a year earlier.
Zoom out: Phoenix mirrors the national trend, Redfin reports.
- Around 1 in 7 pending U.S. home sales fell through in January, the highest share for this time of year since at least 2017.
What's happening: Homebuyers are backing out of deals for several reasons, including the shock of still-steep prices and mortgage rates, plus economic and political uncertainty, Redfin researchers say.
- With inventory on the rise nationally, some buyers are pivoting because they think a better house could come along.
Between the lines: U.S. cancellations — which are typically more common near the end of the year and less so in the spring — remain slightly below levels seen when the pandemic started and when mortgage rates surged in 2022, the report authors note.
The bottom line: If you're on the hunt, don't count a listing out just because it's under contract.