More Than 50,000 Home-Purchase Contracts Fell Through in March
Redfin, a subsidiary of Rocket Companies, reported that nearly 53,000 U.S. home-sale agreements fell through in March, representing 13.4% of contracts that went under contract. This cancellation rate is up from 12.5% a year earlier and is tied with 2023 for the highest March share on record, driven by high costs, rising mortgage rates and economic uncertainty.
Key figures
- Contracts cancelled
- 53000
- Excess sellers vs buyers
- 600000
- Cancellation rate current
- 13.4%
- Cancellation rate prior year
- 12.5%
- Lowest cancellation metro rate
- 3.5% (Nassau County)
- Highest cancellation metro rate
- 18.7% (San Antonio)
AI analysis
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AI-generated analysis of a public disclosure. Not investment advice; verify against the original document.