The U.S. housing market saw a spike of canceled home sales this summer largely in Sun Belt markets, including Dallas-Fort Worth, that saw an influx of buyers during the pandemic.
A new report from Redfin found that 21.5% of pending transactions in the Fort Worth area and 19.7% in the Dallas area fell through in August.
Nationwide, about 64,000 home-purchase agreements, or 15.2%, fell out of contract in August. The percentage has hovered around 15% for about three months — the highest level on record outside of March and April 2020, when COVID-19 fears brought the market to a halt. Before the pandemic, 12% of buyers nationally would typically cancel deals each month.
