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 .

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Corp., oncepandemic boomtowns in the Sun Belt saw deals on about 64,000 homes countrywide fall through in

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August, or 15.2% of homes that were under contract. 4. Before the outbreak, Redfin said that 12% of transactions typically

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fell through and just 12.1% of buyers canceled deals a year ago. But prior to this fall, the last time this figure increased

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sharply was in March/April 2020, at the start of the coronavirus pandemic.

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According to the business, buyers were more likely to back out of purchases in cities in the Sun Belt.

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Large cities like San Francisco and New York had the lowest cancellation rates among buyers.

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Jacksonville, Florida, had the greatest percentage of prospective homebuyers who changed their minds in August.

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