IE Business Daily Business news for the Inland Empire.
Fifteen percent of the home-buying contracts in the United States – approximately 53,000 homes – were canceled in September, according to a report.
That practice, known as ghost selling, was up from 13.6 percent in September 2024, Seattle-based Redfin reported.
Riverside recorded the sixth-largest rate, 17.9 percent, essentially unchanged year-over-year. Tampa (20.1 percent), San Antonio (19 percent) and Atlanta (19 percent) made up the top three.
“Buyers are ghosting sellers at a fairly high rate nationwide, mainly because each party has different expectations for the deal and aren’t willing to compromise,” the report reads. “That’s especially true when it comes to concessions and repairs, leading to a growing number of deals falling through.”
Approximately 70 percent of the home-buying contracts that break down do so during inspection, before the deal closes, according to Redfin.
“It’s a buyer’s market in most of the U.S., so those who are still in the market know they have leverage,” the report reads. “It’s common to be choosier and ask for repairs, price reductions and other concessions. When sellers push back, or when inspections reveal new issues, many buyers are walking away.”
