Housing red flag: Data show increase in cancellations of home purchase agreements versus a year ago
By ALEX VEIGA, Associated Press
LOS ANGELES (AP) — The latest sign of trouble in the U.S. housing market: A pickup in home purchase agreements falling through before they’re finalized.
Some 6% of pending contracts to buy a home were canceled in May, down from 7% in April, but up from 5% in May last year, according to data from National Association of Realtors. May is the third consecutive month with an annual increase in pending home sales cancelations.
A separate analysis of housing data by Redfin found that 14.6% of all pending sales in May fell out of contract, up from 14% in May last year, and the highest cancelation percentage for the month of May going back to at least 2017.
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