1011 ET - In January, just over 41,000 U.S. home-purchase deals, or 14.3% of contracts, fell through, the highest rate for this time of year since 2017 and up from 13.4% last year, Redfin says. Rising supply and falling demand--housing inventory hit a 2020 peak while pending sales dropped to a record low, excluding early in the pandemic--favor buyers, some of whom cancel during inspections for better options. Economic uncertainty, including tariffs and layoffs, plus high mortgage rates--6.96% in January--and a 4.1% rise in median home prices, fueled buyer hesitation. Cancellation rates exceed typical early-year levels but fall short of peaks like 16.4% in March 2020 or late 2022, when mortgage rates soared above 7% for the first time in 20 years. Redfin says buyers should monitor desired homes, as deals collapse post-bidding wars. (chris.wack@wsj.com)
(END) Dow Jones Newswires
February 28, 2025 10:11 ET (15:11 GMT)
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