Due to rising interest rates and unaffordable housing prices, homebuyers are now pulling
out of contracts throughout the Sun Belt. According to a new analysis from real estate company Redfin .
Corp., oncepandemic boomtowns in the Sun Belt saw deals on about 64,000 homes countrywide fall through in
August, or 15.2% of homes that were under contract.
4. Before the outbreak, Redfin said that 12% of transactions typically
fell through and just 12.1% of buyers canceled deals a year ago. But prior to this fall, the last time this figure increased
sharply was in March/April 2020, at the start of the coronavirus pandemic.
According to the business, buyers were more likely to back out of purchases in cities in the Sun Belt.
Large cities like San Francisco and New York had the lowest cancellation rates among buyers.
Jacksonville, Florida, had the greatest percentage of prospective homebuyers who changed their minds in August.