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Homebuyer or renter shrugging with a pile of packed boxes ready to move to a new home from empty house
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In the midst of a slowing market, many homebuyers are saying: “No deal.”

About 60,000 people backed out of homebuying contracts in October, according to real estate service Redfin. That figure represents approximately 18% of the homes that were under contract for sale that month and is a new record. “Sale prices have room to fall” further, Redfin warns.

Following are the metro areas where the most people are backing off their homebuying plans.

10. Austin, Texas

Austin, Texas waterscape
Silvio Ligutti / Shutterstock.com

Pending home sales that fell out of contract in October: 22.8%

Austin homebuyers seem to think caution is warranted in the housing market right now, and they may be right. This is one of “14 Markets Where Home Prices Could Plummet by 30%.

9. Fort Lauderdale, Florida

Florida
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Pending home sales that fell out of contract in October: 23.2%

Broward County, where Fort Lauderdale is located, has the second-largest percentage of homes with no mortgages in the U.S., we recently reported. If these folks are among the homebuyers changing their minds, they can clearly afford to wait for a better deal.

8. Houston, Texas

Houston, Texas
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Pending home sales that fell out of contract in October: 24.2%

Here’s something for Houston homebuyers sitting on the fence: The area saw 221% home price growth between 1997 and 2021, we note in “10 Housing Markets That Are Most Likely to Keep Their Value.” There is virtually no chance of prices declining by more than 5% in the next decade, at least based on historical data.

7. Phoenix

Phoenix, Arizona
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Pending home sales that fell out of contract in October: 24.6%

We recently noted that Phoenix is one of “The 10 Most Popular U.S. Cities to Move To,” and all those people have to live somewhere. But they may be taking a more measured approach to homebuying now compared with a year ago, when many people across the country were waiving home inspections just to beat the competition on a sale.

6. Orlando, Florida

House in Orlando, Florida
Tom Fawls / Shutterstock.com

Pending home sales that fell out of contract in October: 24.7%

The home of Disney World was also one of the most popular U.S. cities to move to in 2021, but it seems many people are having second thoughts about being neighbors with the House of Mouse. The typical home value here is more than $388,000, up nearly a quarter from a year ago, according to Zillow.

5. Las Vegas

Homes in Las Vegas, Nevada
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Pending home sales that fell out of contract in October: 25.1%

The house always wins — until the spenders walk away, at least. That’s happening more frequently in Vegas homebuying than nearly anywhere else in the United States right now, according to the Redfin analysis.

4. Atlanta

Atlanta, Georgia homes
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Pending home sales that fell out of contract in October: 25.2%

Atlanta tops the list of “10 Cities Where People Spend the Most on Food,” which might be one reason why homebuyers aren’t biting.

3. San Antonio

Home in San Antonio, Texas
Fariz Abasov / Shutterstock.com

Pending home sales that fell out of contract in October: 26.6%

Homebuyers might have caught wind of San Antonio’s place among “The 15 Dirtiest Cities in America.” Hopefully, spurned sellers in this Texas city can pick up their contracts and recycle them.

2. Tampa, Florida

Home in Tampa, Florida
Feng Cheng / Shutterstock.com

Pending home sales that fell out of contract in October: 26.7%

Canceled deals in Tampa are giving homebuyers a lot more options to consider. During the past year, the number of homes available for purchase there has nearly doubled, as we recently noted in “10 Cities Where Home Inventory Is Rising Fast.”

1. Jacksonville, Florida

Jacksonville homes neighborhood
Felix Mizioznikov / Shutterstock.com

Pending home sales that fell out of contract in October: 30.6%

Jacksonville has seen a 22% jump in home values during the past year, Zillow data shows. The typical home here is worth about $315,000.



Read More: 10 Markets With the Most Home Sales Getting Canceled

2022-11-22 17:00:09

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