14.5% of Home Deals Fell Through in September, a Redfin Record; Total Supply Highest Since March 2020
SEATTLE, Oct. 5 — About 14.5% of homebuying deals fell through in September, the highest share in Redfin's records, while the total supply of homes for sale rose to its highest level since March 2020, according to Redfin's report. Redfin says the buyer's market gives house hunters more room to walk away: more alternative listings, and rates that kept rising after contracts were signed, both encourage buyers to exit through contract contingencies.
Closed sales were also soft: September closings fell 1.6% month over month to their lowest level since the end of 2023. Most of those deals went under contract in July or August, when rates were marching upward and economic uncertainty was pushing buyers to the sidelines, so the closing figures lag the summer mood rather than describe October's.
For sellers, a record cancellation rate argues for pricing correctly at first listing and substantively verifying buyers' pre-approval documents, rather than counting on later bidding. For buyers, keeping financing and appraisal contingencies in the contract is the standard way to cap exit costs while rates are volatile.
The other side of the inventory figure is composition: this cycle's high is built from slow-selling stock accumulating, while new listings still run about a tenth below the pre-pandemic baseline on Zillow's measure. 'Inventory back to March 2020 levels' therefore does not mean 'choice back to 2020 levels' — well-kept, fairly priced homes still move quickly, and what accumulates is mainly overpriced or flawed stock.
Source: Redfin report via PR Newswire, September data.
Photo: Real Estate Meltdown - Ground Zero — A.Davey / CC BY 2.0 (via Openverse)
Published by GSM · USA (original Chinese edition)
Photo: Real Estate Meltdown - Ground Zero — A.Davey / CC BY 2.0 (via Openverse)
