recent reportBuyers Canceled Deals at Highest Rate on Record in December

“Price is what you pay. Value is what you get.” — Warren Buffett

A recent report from Redfinsays over 40k U.S. home-purchase agreements were canceled in December, representing 16.3% of homes under contract – the highest December cancellation rate since 2017, up from 14.9% a year earlier. Cancellations were most common in Atlanta (22.5%), Jacksonville (20.6%), and San Antonio (20.6%), and least common in Nassau County (3.8%), San Francisco (4.2%), and San Jose (8.9%).

“High housing costs and rising inventory have made homebuyers more selective…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.” Said Chen Zhao, head of economics research at Redfin.