During the month of November, there was a glimmer of light in the current gloomy picture of the US housing market.
First, the bad news: Sales fell 35.1% year-over-year for one month, the biggest drop since 2012, according to records kept by real estate service Redfin.
However, the percentage of home purchase agreements canceled during November — 16.8% of all pending sales — increased slightly from October.
That offers some hope that a housing recovery may be imminent, but some markets are still seeing large numbers of cold-hearted buyers.
These are the metro areas with the highest percentage of people canceling their home buying plans.
10. Riverside, Calif
Pending home sales that fall out of contract in November: 20%
Riverside is one of the “15 Cities With the Biggest Drop in Home Sales in 2022”. As the year ended, buyers were still walking away from deals in relatively large numbers.
9.Fort Worth, Texas
Pending home sales that fall out of contract in November: 21.3%
Everything is bigger in Texas, including the number of cancellations on home purchases in Fort Worth. If you’re going to back out of the deal, you’d better choose to do so in the biggest buyout most Americans will ever make.
8. Fort Lauderdale, Florida
Pending home sales that fall out of contract in November: 21.9%
Broward County, where Fort Lauderdale is located, has the second-largest percentage of mortgage-free homes in the US, we recently reported. If these people are among the homebuyers who have changed their minds, they can obviously afford to wait for a better deal.
7. Las Vegas
Pending home sales that fall out of contract in November: 22.1%
In a casino, the house always wins – at least until the shoppers leave. It’s happening more often in Vegas than almost anywhere in the US right now, according to Redfin’s analysis.
6.Dallas
Pending home sales that fall out of contract in November: 22.7%
Like its neighboring city, Fort Worth, many buyers are suddenly spending a lot of time in Big D. Still, Dallas is one of the “10 Housing Markets Most Likely to Retain Value.”
5. Houston
Pending home sales that fall out of contract in November: 23.1%
Here’s something for Houston homebuyers sitting on the fence: The area experienced a 221% growth in house prices between 1997 and 2021, we noted in our “10 Housing Markets Most Likely to Retain Their Value.” There is almost no chance of the price falling more than 5% in the next decade, at least based on historical data.
4. Tampa, Fla
Pending home sales that fell out of contract in October: 23.8%
Canceled deals in Tampa are giving homebuyers more options to consider. Over the past year, the number of homes available for purchase there has nearly doubled, as we recently noted in our “10 Cities Where Home Inventory Is Rising Fast.”
3.Orlando, Florida
Pending home sales that fall out of contract in November: 23.9%
The Disney World home is also one of the most popular US cities to move to in 2021, but it seems a lot of people are changing their minds about the House of Mouse’s neighbours.
2. Atlanta
Pending home sales that fall out of contract in November: 24.5%
Atlanta tops the “10 Cities Where People Spend the Most Food” list, which may be one reason why homebuyers don’t bite.
1. Jacksonville, Florida
Pending home sales that fall out of contract in November: 26.6%
Jacksonville finished at No. 9 among the “Top 15 Cities for Remote Workers in 2023.” But, despite the allure, many people find themselves feeling cold in Florida’s warm, sunny days.
