IE Business Daily Business news for the Inland Empire.
Sales of an estimated 40,000 single-family homes were cancelled nationwide in January, the equivalent of 13.7 percent of the home-sale contracts signed during that month, according to Redfin.
That was a slight year-over-year increase and the most canceled sales in the first month of the year since 2017, the Seattle-based real estate firm reported.
With more leverage, would-be buyers are canceling agreements during the inspection period to see if they can find a deal they like better.
“More buyers are backing out,” said Alin Glogovicean, a Los Angeles-based Redfin agent, in a statement. “They’re second-guessing the wisdom of making a huge purchase when there’s fear about the economy and their finances. That’s particularly true when they’re first-time buyers who don’t have equity from a previous home sale.”
Riverside had a 17.5 percent cancellation rate in January, fourth among the four largest metro markets in the United States, according to Redfin.
All Redfin data is seasonally adjusted.
