Portland homebuyers hit the brakes

• It's also another sign of Portland's picky housing market, where house hunters have more negotiating power and sellers are struggling to close deals.

Zoom in: Sellers are competing for buyers and buyers are more likely to walk away if inspections reveal problems, their monthly payments prove too expensive, or if they simply want to, the report found.

• Local real estate agents echoed those findings. For example, broker Dirk Hmura at The Agency told Axios last month that he estimates 25% to 30% of sales return to market after inspections.

The bottom line: Nationally, pending home sales fell in all 50 of the most populous U.S. metros highlighted in Redfin's report, reflecting a broader slowdown in housing demand as mortgage rates climbed above 7%.