Sun Belt Homebuyers Are Backing Out of Purchases at a Higher Rate Than Anywhere Else in the U.S. - Seite 2

Sun Belt Buyers Are Backing Out of Deals at the Highest Rate

In Jacksonville, FL, roughly 800 home-purchase agreements were called off in August, equal to 26.1% of homes that went under contract that month. That’s the highest percentage among 50 most populous U.S. metropolitan areas. Next came Las Vegas (23%), Atlanta (22.6%), Orlando, FL (21.9%), Fort Lauderdale, FL (21.7%), Phoenix (21.6%), Tampa, FL (21.5%), Fort Worth, TX (21.5%), San Antonio (21.1%) and Houston (20.6%).

All 10 metros above are located in the Sun Belt, which surged in popularity among homebuyers during the pandemic. Four of the 10 metros—Las Vegas, Phoenix, Tampa and San Antonio—have consistently ranked on Redfin’s list of top migration destinations. These areas initially attracted house hunters because they were relatively affordable, but an influx of demand caused prices to skyrocket, rendering them less attractive to many homebuyers.

Many of the metros where deal cancellations are least common are metros that saw people leave during the pandemic, including the Bay Area and New York. Newark, NJ had the lowest percentage of deal cancellations (2.7%), followed by San Francisco (4.2%), Nassau County, NY (6.1%), New York (7%), Montgomery County, PA (7.6%), San Jose, CA (8.2%), Milwaukee (8.9%), Oakland, CA (9.2%), Boston (10.1%) and Seattle (10.3%).

To view the full report, including charts and metro-level data, please visit: https://www.redfin.com/news/home-purchases-fall-through-august-2022

About Redfin

Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.