(AURN News) — The housing market continues to show signs of strain as more homebuyers walk away from deals.
New data from Redfin shows that 13.4% of home purchase contracts were canceled in March — nearly 53,000 deals fell through.
That level is higher than the same time last year and marks one of the highest cancellation rates outside of 2020.
Redfin says roughly 1 in 7 homebuying contracts were canceled, pointing to growing uncertainty among buyers.
The data also highlights a major imbalance in the market, with about 600,000 more sellers than buyers.
Click play to listen to the AURN News report from Jamie Jackson:
