More than 42,000 home sale agreements fell through in February, equal to 13.7% of properties that went under contract during the month.
According to a data report from Redfin, this is up from 12.8% one year earlier, and it marks the highest February share in records dating back to 2017. Redfin based its findings on MLS pending sales data.
Among the 47 major metros analyzed by Redfin, Tampa led the nation with 18.1% of home purchase agreements being canceled in February. It’s followed by four other southern metros: San Antonio (17.9%), Atlanta (17.9%), Jacksonville (17.5%) and Fort Worth (17.3%). Contract cancellations rose most in Los Angeles, to 15% in February from 12.1% one year earlier.
On the flip side, contract cancellations are least common in the Bay Area. In San Francisco, just 3.7% of deals fell through in February, the lowest share among the metros. Next come New York’s Nassau County (4.5%), San Jose (5.4%), Milwaukee (7.5%) and Oakland (7.7%).
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