{"id":76950,"date":"2023-10-23T05:00:43","date_gmt":"2023-10-23T12:00:43","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=76950"},"modified":"2023-10-20T15:47:22","modified_gmt":"2023-10-20T22:47:22","slug":"housing-market-tracker-september-2023","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-tracker-september-2023\/","title":{"rendered":"New Listings and Pending Sales Ticked Up in September, But Deals Fell Through at Highest Rate in Almost a Year"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>New listings inched up as some homeowners opted to cash out, fearing that elevated mortgage rates could drive a drop in home prices.<\/i><\/strong><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Pending sales also saw a slight bump as the uptick in listings brought some house hunters off the sidelines.<\/i><\/strong><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>But home purchases fell through at the highest rate in nearly a year as high rates gave buyers cold feet.<\/i><\/strong><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Prices rose 2% from a year earlier despite sluggish demand because a limited supply of homes for sale created some competition.<\/i><\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">New listings climbed 1.4% month over month in September, the largest increase since February 2022 on a seasonally adjusted basis. That\u2019s a glimmer of relief for homebuyers, who for months have been waiting for more homes to hit the market.<img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-76952 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/New-Listings.png\" alt=\"\" width=\"800\" height=\"600\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/New-Listings.png 800w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/New-Listings-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/New-Listings-768x576.png 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cA lot of Americans are sitting on piles of money in their homes, and some are opting to cash out even if it means giving up their low mortgage rate; they&#8217;re worried there\u2019s a possibility home prices will fall if rates <\/span><span style=\"font-weight: 400;\">remain elevated. We expect rates to remain high for the foreseeable future,&#8221;<\/span><span style=\"font-weight: 400;\"> said Redfin Chief Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/darylfairweather\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Daryl Fairweather<\/span><\/a><span style=\"font-weight: 400;\">. \u201cBut we also expect prices to stay high into next year. Housing supply is so strained that even a small uptick in listings lures buyers off the sidelines, bolstering sales.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Still, new listings dropped 8.9% on a year-over-year basis in September and remained far below pre-pandemic levels. That\u2019s because mortgage rates hit the highest level in more than two decades, with the average weekly 30-year-fixed rate clocking in at 7.2%. It has since moved even higher, last week hitting a weekly average of 7.63%, and <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-2023-fewest-home-sales-since-2008\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">8%<\/span><\/a><span style=\"font-weight: 400;\"> on a daily basis.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The overall supply of homes for sale (active listings) rose 1.9% month over month in September on a seasonally adjusted basis, the largest gain since last summer. But active listings fell 16.9% from a year earlier and remained near the lowest level on record as homeowners continued to feel <\/span><a href=\"https:\/\/www.redfin.com\/news\/high-mortgage-rates-lock-in-homeowners-2023\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">locked in<\/span><\/a><span style=\"font-weight: 400;\"> to their low mortgage rates. For many, selling their home and buying a new one would mean taking on a much higher monthly payment.\u00a0<\/span><\/p>\n<h3>September 2023 Highlights: United States<\/h3>\n<table>\n<tbody>\n<tr>\n<td><\/td>\n<td><b>September 2023<\/b><\/td>\n<td><b>Month-Over-Month Change<\/b><\/td>\n<td><b>Year-Over-Year Change<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Median sale price<\/b><\/td>\n<td><span style=\"font-weight: 400;\">$412,081<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Pending sales, seasonally adjusted<\/b><\/td>\n<td><span style=\"font-weight: 400;\">390,251<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-12.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Homes sold, seasonally adjusted<\/b><\/td>\n<td><span style=\"font-weight: 400;\">404,229<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-12.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>New listings, seasonally adjusted<\/b><\/td>\n<td><span style=\"font-weight: 400;\">475,280<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-8.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>All homes for sale, seasonally adjusted (active listings)<\/b><\/td>\n<td><span style=\"font-weight: 400;\">1,347,701<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-16.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Months of supply<\/b><\/td>\n<td><span style=\"font-weight: 400;\">2.5<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.4<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Median days on market<\/b><\/td>\n<td><span style=\"font-weight: 400;\">33<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Share of for-sale homes with a price drop<\/b><\/td>\n<td><span style=\"font-weight: 400;\">18.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.3 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.7 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Share of homes sold above final list price<\/b><\/td>\n<td><span style=\"font-weight: 400;\">33.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.0 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.2 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Average sale-to-final-list-price ratio<\/b><\/td>\n<td><span style=\"font-weight: 400;\">99.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.3 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.3 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Pending sales that fell out of contract, as % of overall pending sales<\/b><\/td>\n<td><span style=\"font-weight: 400;\">16.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.1 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.6 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Average 30-year fixed mortgage <\/b><a href=\"https:\/\/www.freddiemac.com\/pmms\" target=\"_blank\" rel=\"noopener\"><b>rate<\/b><\/a><\/td>\n<td><span style=\"font-weight: 400;\">7.20%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.13 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.09 ppts<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i><span style=\"font-weight: 400;\">Note: Data is subject to revision<\/span><\/i><\/p>\n<h3>Pending Home Sales Tick Up, But Deals Fall Through at the Highest Rate in Almost a Year<\/h3>\n<p><span style=\"font-weight: 400;\">Pending home sales rose 1.3% month over month to the highest level in nearly a year on a seasonally adjusted basis as more listings hit the market. They were down 12.1% from a year earlier.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But while pending sales\u2014the number of homes going under contract\u2014improved in September, closed sales fell to the lowest level since the onset of the pandemic. They dropped 1.5% from a month earlier and 12.8% from a year earlier on a seasonally adjusted basis.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pending sales ticking up and closed sales ticking down can be explained partly by a high portion of buyers backing out of contracts due to rising mortgage rates. Roughly 53,000 U.S. home-purchase agreements were canceled in September, equal to 16.3% of homes that went under contract that month\u2014the highest percentage since October 2022, when mortgage rates surpassed 7% for the <\/span><a href=\"https:\/\/freddiemac.gcs-web.com\/news-releases\/news-release-details\/mortgage-rates-surpass-seven-percent\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">first<\/span><\/a><span style=\"font-weight: 400;\"> time in two decades. That compares with 15.2% a month earlier and 15.8% a year earlier.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> <img decoding=\"async\" class=\"alignnone wp-image-76953\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/pendings-fallen-thru-chart-1024x709.png\" alt=\"\" width=\"800\" height=\"554\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/pendings-fallen-thru-chart-1024x709.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/pendings-fallen-thru-chart-300x208.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/pendings-fallen-thru-chart-768x532.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/pendings-fallen-thru-chart.png 1302w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cBuyers are extra cautious right now. They want to make sure they\u2019re getting a good deal given how much mortgage payments have gone up, and when they don\u2019t feel like they\u2019re getting a good deal, they\u2019re backing out,\u201d said <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/heather-kruayai\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Heather Kruayai<\/span><\/a><span style=\"font-weight: 400;\">, a <\/span><a href=\"https:\/\/www.redfin.com\/premier\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Redfin Premier<\/span><\/a><span style=\"font-weight: 400;\"> Agent in <\/span><a href=\"https:\/\/www.redfin.com\/city\/8907\/FL\/Jacksonville\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Jacksonville, FL<\/span><\/a><span style=\"font-weight: 400;\">, which saw the second highest rate of deal cancellations among the major metros Redfin analyzed. \u201cTransactions are also falling apart due to skyrocketing <\/span><a href=\"https:\/\/www.redfin.com\/news\/fema-flood-insurance-premiums-rise\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">insurance<\/span><\/a><span style=\"font-weight: 400;\"> premiums and disagreements between buyers and sellers over necessary repairs. Overall, buyers hold a lot of the cards right now, and sellers are having to give out more concessions to close the deal.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Scroll to the bottom of this report to find the deal cancellation rate for the 50 most populous U.S. metropolitan areas, along with other local insights.<\/span><\/p>\n<h3>Prices Continue to Climb as Lack of Supply Creates Competition<\/h3>\n<p><span style=\"font-weight: 400;\">The median U.S. home sale price rose 1.9% year over year to $412,081 in September, and fell 2% from a month earlier\u2014typical for this time of year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Activity in the housing market is sluggish due to high mortgage rates, but prices remain near their record high because the buyers who are out there are competing for a limited number of homes.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nearly two of every five homes (37.4%) that went under contract in September did so within two weeks, up from 32.6% a year earlier\u2014a sign of homebuyer competition. Starter homes are particularly competitive right now, Redfin agents say, because housing affordability has fallen so dramatically.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The combination of still-high home prices and rising mortgage rates means homebuyers now must earn $114,627 to afford the median-priced U.S. home, up 15% ($15,285) from a year ago and up more than 50% since the start of the pandemic, a separate Redfin <\/span><a href=\"https:\/\/www.redfin.com\/news\/homebuyer-income-afford-home-record-high\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">analysis<\/span><\/a><span style=\"font-weight: 400;\"> found.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Metro-Level Highlights: September 2023<\/span><\/h3>\n<p><i><span style=\"font-weight: 400;\">Data in the bullets below came from a list of the 91 U.S. metro areas with populations of at least 750,000. Select metros may be excluded from time to time to ensure data accuracy. A full metro-level data table can be found in the \u201cdownload\u201d tab of the dashboard embedded below or <\/span><\/i><i><span style=\"font-weight: 400;\">in the monthly section of the Redfin <\/span><\/i><a href=\"https:\/\/www.redfin.com\/news\/data-center\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">Data Center<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">. <\/span><\/i><i><span style=\"font-weight: 400;\">Refer to our <\/span><\/i><a href=\"https:\/\/www.redfin.com\/news\/data-center-metrics-definitions\/\"><i><span style=\"font-weight: 400;\">metrics definition page<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> for explanations of metrics used in this report. Metro-level data is not seasonally adjusted.<\/span><\/i><\/p>\n<p><b>Note:<\/b><span style=\"font-weight: 400;\"> Sales and listings posted large year-over-year gains in coastal Florida metros including North Port and Cape Coral in part because Hurricane Ian slowed housing market activity in September 2022.<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Pending sales: <\/b><span style=\"font-weight: 400;\">In <\/span><a href=\"https:\/\/www.redfin.com\/city\/34945\/HI\/Honolulu\"><span style=\"font-weight: 400;\">Honolulu<\/span><\/a><span style=\"font-weight: 400;\">, pending sales fell 34.5% year over year, more than any other metro Redfin analyzed. Next came <\/span><a href=\"https:\/\/www.redfin.com\/city\/1823\/AL\/Birmingham\"><span style=\"font-weight: 400;\">Birmingham, AL<\/span><\/a><span style=\"font-weight: 400;\"> (-34.1%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/4147\/CO\/Colorado-Springs\"><span style=\"font-weight: 400;\">Colorado Springs, CO<\/span><\/a><span style=\"font-weight: 400;\"> (-33.9%). Only three metros saw increases: <\/span><a href=\"https:\/\/www.redfin.com\/city\/12742\/FL\/North-Port\"><span style=\"font-weight: 400;\">North Port, FL<\/span><\/a><span style=\"font-weight: 400;\"> (5.4%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/5665\/MI\/Detroit\"><span style=\"font-weight: 400;\">Detroit<\/span><\/a><span style=\"font-weight: 400;\"> (3.3%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/18142\/FL\/Tampa\"><span style=\"font-weight: 400;\">Tampa, FL<\/span><\/a><span style=\"font-weight: 400;\"> (2.3%).<\/span><\/li>\n<li aria-level=\"1\"><b>Closed sales:<\/b><span style=\"font-weight: 400;\"> In <\/span><a href=\"https:\/\/www.redfin.com\/city\/17887\/WA\/Tacoma\"><span style=\"font-weight: 400;\">Tacoma, WA<\/span><\/a><span style=\"font-weight: 400;\">, closed home sales dropped 40.2% year over year, more than any other metro Redfin analyzed. Next came <\/span><a href=\"https:\/\/www.redfin.com\/city\/14141\/CA\/Oxnard\"><span style=\"font-weight: 400;\">Oxnard, CA<\/span><\/a><span style=\"font-weight: 400;\"> (-28.6%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/6904\/CA\/Fresno\"><span style=\"font-weight: 400;\">Fresno, CA<\/span><\/a><span style=\"font-weight: 400;\"> (-28.5%). Closed sales rose most in North Port (42.8%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/2654\/FL\/Cape-Coral\"><span style=\"font-weight: 400;\">Cape Coral, FL<\/span><\/a><span style=\"font-weight: 400;\"> (17.6%) and Tampa (15%).<\/span><\/li>\n<li aria-level=\"1\"><b>Prices: <\/b><span style=\"font-weight: 400;\">Median sale prices rose most from a year earlier in <\/span><a href=\"https:\/\/www.redfin.com\/city\/16162\/NY\/Rochester\"><span style=\"font-weight: 400;\">Rochester, NY<\/span><\/a><span style=\"font-weight: 400;\"> (14.6%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/517\/CA\/Anaheim\"><span style=\"font-weight: 400;\">Anaheim, CA<\/span><\/a><span style=\"font-weight: 400;\"> (13%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/2832\/NY\/Buffalo\"><span style=\"font-weight: 400;\">Buffalo, NY<\/span><\/a><span style=\"font-weight: 400;\"> (10.9%). They fell in 17 metros, with the steepest declines in <\/span><a href=\"https:\/\/www.redfin.com\/city\/30818\/TX\/Austin\"><span style=\"font-weight: 400;\">Austin, TX<\/span><\/a><span style=\"font-weight: 400;\"> (-5.2%), North Port (-3.7%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/17151\/CA\/San-Francisco\"><span style=\"font-weight: 400;\">San Francisco<\/span><\/a><span style=\"font-weight: 400;\"> (-2.5%).<\/span><\/li>\n<li aria-level=\"1\"><b>Listings: <\/b><span style=\"font-weight: 400;\">New listings fell most from a year earlier in Tacoma (-31.5%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/30756\/GA\/Atlanta\"><span style=\"font-weight: 400;\">Atlanta<\/span><\/a><span style=\"font-weight: 400;\"> (-30.8%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/8903\/TX\/Houston\"><span style=\"font-weight: 400;\">Houston<\/span><\/a><span style=\"font-weight: 400;\"> (-29.9%). They rose most in North Port (33.6%), Cape Coral (30.6%) and Tampa (17.8%).<\/span><\/li>\n<li aria-level=\"1\"><b>Supply: <\/b><span style=\"font-weight: 400;\">Active listings fell most from a year earlier in <\/span><a href=\"https:\/\/www.redfin.com\/city\/10201\/NV\/Las-Vegas\"><span style=\"font-weight: 400;\">Las Vegas<\/span><\/a><span style=\"font-weight: 400;\"> (-41.7%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/19009\/CA\/Stockton\"><span style=\"font-weight: 400;\">Stockton, CA<\/span><\/a><span style=\"font-weight: 400;\"> (-38.2%) and Tacoma (-35.2%). They climbed most in Cape Coral (27.1%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/14233\/LA\/New-Orleans\"><span style=\"font-weight: 400;\">New Orleans<\/span><\/a><span style=\"font-weight: 400;\"> (26.5%) and North Port (26.4%).<\/span><\/li>\n<li aria-level=\"1\"><b>Competition:<\/b><span style=\"font-weight: 400;\"> In Rochester, 72.8% of homes sold above their final list price, the highest share among the metros Redfin analyzed. Next came <\/span><a href=\"https:\/\/www.redfin.com\/city\/17420\/CA\/San-Jose\"><span style=\"font-weight: 400;\">San Jose, CA<\/span><\/a><span style=\"font-weight: 400;\"> (68.6%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/20420\/MA\/Worcester\"><span style=\"font-weight: 400;\">Worcester, MA<\/span><\/a><span style=\"font-weight: 400;\"> (66.6%). The shares were lowest in North Port (8.9%), Cape Coral (10.3%) and Austin (12.2%).<\/span><\/li>\n<li aria-level=\"1\"><b>Speed: <\/b><span style=\"font-weight: 400;\">In Rochester, 71.8% of homes that went under contract did so within two weeks\u2014the highest share among the metros Redfin analyzed. Next came <\/span><a href=\"https:\/\/www.redfin.com\/city\/8694\/MI\/Grand-Rapids\"><span style=\"font-weight: 400;\">Grand Rapids, MI<\/span><\/a><span style=\"font-weight: 400;\"> (64.3%) and Buffalo (62.6%). The lowest shares were in <\/span><a href=\"https:\/\/www.redfin.com\/city\/34945\/HI\/Honolulu\"><span style=\"font-weight: 400;\">Honolulu<\/span><\/a><span style=\"font-weight: 400;\"> (5%), <\/span><a href=\"https:\/\/www.redfin.com\/county\/760\/IL\/Lake-County\"><span style=\"font-weight: 400;\">Lake County, IL<\/span><\/a><span style=\"font-weight: 400;\"> (11.8%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/29470\/IL\/Chicago\"><span style=\"font-weight: 400;\">Chicago<\/span><\/a><span style=\"font-weight: 400;\"> (11.8%).<\/span><\/li>\n<\/ul>\n<div id=\"viz1697836991065\" class=\"tableauPlaceholder\" style=\"position: relative;\"><noscript><a href='http:&#47;&#47;www.redfin.com&#47;blog'><img alt=' ' src='https:&#47;&#47;public.tableau.com&#47;static&#47;images&#47;Re&#47;RedfinDataCentertrend&#47;MedianSalePrice&#47;1_rss.png' style='border: none' \/><\/a><\/noscript><object class=\"tableauViz\" style=\"display: none;\" width=\"300\" height=\"150\"><param name=\"host_url\" value=\"https%3A%2F%2Fpublic.tableau.com%2F\" \/><param name=\"embed_code_version\" value=\"3\" \/><param name=\"site_root\" value=\"\" \/><param name=\"name\" value=\"RedfinDataCentertrend\/MedianSalePrice\" \/><param name=\"tabs\" value=\"yes\" \/><param name=\"toolbar\" value=\"yes\" \/><param name=\"static_image\" value=\"https:\/\/public.tableau.com\/static\/images\/Re\/RedfinDataCentertrend\/MedianSalePrice\/1.png\" \/><param name=\"animate_transition\" value=\"yes\" \/><param name=\"display_static_image\" value=\"yes\" \/><param name=\"display_spinner\" value=\"yes\" \/><param name=\"display_overlay\" value=\"yes\" \/><param name=\"display_count\" value=\"yes\" \/><\/object><\/div>\n<h3><span style=\"font-weight: 400;\">Home-Purchase Cancellations<\/span><\/h3>\n<p><i><span style=\"font-weight: 400;\">Data below came from a list of the 50 most populous metro areas. Please note that homes that fell out of contract during a given month didn\u2019t necessarily go under contract the same month. For example, a home that fell out of contract in September could have gone under contract in August.<\/span><\/i><\/p>\n\n<table id=\"tablepress-382\" class=\"tablepress tablepress-id-382\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\"><strong>Metro Area<\/strong><\/th><th class=\"column-2\"><strong>September 2023: Pending Sales That Fell Out of Contract, as % of Overall Pending Sales<\/strong><\/th><th class=\"column-3\"><strong>August 2023: Pending Sales That Fell Out of Contract, as % of Overall Pending Sales<\/strong><\/th><th class=\"column-4\"><strong>September 2022: Pending Sales That Fell Out of Contract, as % of Overall Pending Sales<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">Anaheim, CA<\/td><td class=\"column-2\">14.8%<\/td><td class=\"column-3\">14.2%<\/td><td class=\"column-4\">17.1%<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">Atlanta, GA<\/td><td class=\"column-2\">24.4%<\/td><td class=\"column-3\">23.6%<\/td><td class=\"column-4\">27.1%<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">Austin, TX<\/td><td class=\"column-2\">14.8%<\/td><td class=\"column-3\">16.3%<\/td><td class=\"column-4\">20.6%<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">Baltimore, MD<\/td><td class=\"column-2\">14.3%<\/td><td class=\"column-3\">13.8%<\/td><td class=\"column-4\">14.4%<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">Boston, MA<\/td><td class=\"column-2\">11.0%<\/td><td class=\"column-3\">9.7%<\/td><td class=\"column-4\">11.8%<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">Charlotte, NC<\/td><td class=\"column-2\">12.6%<\/td><td class=\"column-3\">11.0%<\/td><td class=\"column-4\">15.4%<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">Chicago, IL<\/td><td class=\"column-2\">18.3%<\/td><td class=\"column-3\">16.5%<\/td><td class=\"column-4\">17.2%<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">Cincinnati, OH<\/td><td class=\"column-2\">13.0%<\/td><td class=\"column-3\">7.6%<\/td><td class=\"column-4\">14.2%<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\">Cleveland, OH<\/td><td class=\"column-2\">19.6%<\/td><td class=\"column-3\">17.6%<\/td><td class=\"column-4\">19.6%<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\">Columbus, OH<\/td><td class=\"column-2\">16.2%<\/td><td class=\"column-3\">16.3%<\/td><td class=\"column-4\">19.1%<\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\">Dallas, TX<\/td><td class=\"column-2\">20.2%<\/td><td class=\"column-3\">19.1%<\/td><td class=\"column-4\">21.7%<\/td>\n<\/tr>\n<tr class=\"row-13\">\n\t<td class=\"column-1\">Denver, CO<\/td><td class=\"column-2\">19.3%<\/td><td class=\"column-3\">18.9%<\/td><td class=\"column-4\">20.0%<\/td>\n<\/tr>\n<tr class=\"row-14\">\n\t<td class=\"column-1\">Detroit, MI<\/td><td class=\"column-2\">18.2%<\/td><td class=\"column-3\">16.6%<\/td><td class=\"column-4\">16.9%<\/td>\n<\/tr>\n<tr class=\"row-15\">\n\t<td class=\"column-1\">Fort Lauderdale, FL<\/td><td class=\"column-2\">22.0%<\/td><td class=\"column-3\">22.6%<\/td><td class=\"column-4\">21.2%<\/td>\n<\/tr>\n<tr class=\"row-16\">\n\t<td class=\"column-1\">Fort Worth, TX<\/td><td class=\"column-2\">21.0%<\/td><td class=\"column-3\">21.4%<\/td><td class=\"column-4\">20.7%<\/td>\n<\/tr>\n<tr class=\"row-17\">\n\t<td class=\"column-1\">Houston, TX<\/td><td class=\"column-2\">15.0%<\/td><td class=\"column-3\">17.6%<\/td><td class=\"column-4\">20.3%<\/td>\n<\/tr>\n<tr class=\"row-18\">\n\t<td class=\"column-1\">Indianapolis, IN<\/td><td class=\"column-2\">17.8%<\/td><td class=\"column-3\">16.6%<\/td><td class=\"column-4\">19.2%<\/td>\n<\/tr>\n<tr class=\"row-19\">\n\t<td class=\"column-1\">Jacksonville, FL<\/td><td class=\"column-2\">24.0%<\/td><td class=\"column-3\">25.7%<\/td><td class=\"column-4\">28.8%<\/td>\n<\/tr>\n<tr class=\"row-20\">\n\t<td class=\"column-1\">Kansas City, MO<\/td><td class=\"column-2\">15.2%<\/td><td class=\"column-3\">15.2%<\/td><td class=\"column-4\">15.4%<\/td>\n<\/tr>\n<tr class=\"row-21\">\n\t<td class=\"column-1\">Las Vegas, NV<\/td><td class=\"column-2\">21.1%<\/td><td class=\"column-3\">22.7%<\/td><td class=\"column-4\">20.6%<\/td>\n<\/tr>\n<tr class=\"row-22\">\n\t<td class=\"column-1\">Los Angeles, CA<\/td><td class=\"column-2\">17.4%<\/td><td class=\"column-3\">15.7%<\/td><td class=\"column-4\">17.6%<\/td>\n<\/tr>\n<tr class=\"row-23\">\n\t<td class=\"column-1\">Miami, FL<\/td><td class=\"column-2\">20.5%<\/td><td class=\"column-3\">19.3%<\/td><td class=\"column-4\">17.8%<\/td>\n<\/tr>\n<tr class=\"row-24\">\n\t<td class=\"column-1\">Milwaukee, WI<\/td><td class=\"column-2\">10.6%<\/td><td class=\"column-3\">9.3%<\/td><td class=\"column-4\">9.9%<\/td>\n<\/tr>\n<tr class=\"row-25\">\n\t<td class=\"column-1\">Minneapolis, MN<\/td><td class=\"column-2\">11.1%<\/td><td class=\"column-3\">10.0%<\/td><td class=\"column-4\">11.3%<\/td>\n<\/tr>\n<tr class=\"row-26\">\n\t<td class=\"column-1\">Montgomery County, PA<\/td><td class=\"column-2\">7.1%<\/td><td class=\"column-3\">8.5%<\/td><td class=\"column-4\">9.5%<\/td>\n<\/tr>\n<tr class=\"row-27\">\n\t<td class=\"column-1\">Nashville, TN<\/td><td class=\"column-2\">15.7%<\/td><td class=\"column-3\">15.1%<\/td><td class=\"column-4\">19.3%<\/td>\n<\/tr>\n<tr class=\"row-28\">\n\t<td class=\"column-1\">Nassau County, NY<\/td><td class=\"column-2\">5.3%<\/td><td class=\"column-3\">6.8%<\/td><td class=\"column-4\">4.9%<\/td>\n<\/tr>\n<tr class=\"row-29\">\n\t<td class=\"column-1\">New Brunswick, NJ<\/td><td class=\"column-2\">9.9%<\/td><td class=\"column-3\">10.0%<\/td><td class=\"column-4\">10.0%<\/td>\n<\/tr>\n<tr class=\"row-30\">\n\t<td class=\"column-1\">New York, NY<\/td><td class=\"column-2\">10.3%<\/td><td class=\"column-3\">9.3%<\/td><td class=\"column-4\">6.0%<\/td>\n<\/tr>\n<tr class=\"row-31\">\n\t<td class=\"column-1\">Newark, NJ<\/td><td class=\"column-2\">10.5%<\/td><td class=\"column-3\">11.2%<\/td><td class=\"column-4\">3.7%<\/td>\n<\/tr>\n<tr class=\"row-32\">\n\t<td class=\"column-1\">Oakland, CA<\/td><td class=\"column-2\">9.2%<\/td><td class=\"column-3\">9.3%<\/td><td class=\"column-4\">11.4%<\/td>\n<\/tr>\n<tr class=\"row-33\">\n\t<td class=\"column-1\">Orlando, FL<\/td><td class=\"column-2\">23.6%<\/td><td class=\"column-3\">22.7%<\/td><td class=\"column-4\">24.2%<\/td>\n<\/tr>\n<tr class=\"row-34\">\n\t<td class=\"column-1\">Philadelphia, PA<\/td><td class=\"column-2\">13.8%<\/td><td class=\"column-3\">12.8%<\/td><td class=\"column-4\">13.7%<\/td>\n<\/tr>\n<tr class=\"row-35\">\n\t<td class=\"column-1\">Phoenix, AZ<\/td><td class=\"column-2\">19.3%<\/td><td class=\"column-3\">18.5%<\/td><td class=\"column-4\">23.1%<\/td>\n<\/tr>\n<tr class=\"row-36\">\n\t<td class=\"column-1\">Pittsburgh, PA<\/td><td class=\"column-2\">16.5%<\/td><td class=\"column-3\">16.0%<\/td><td class=\"column-4\">17.7%<\/td>\n<\/tr>\n<tr class=\"row-37\">\n\t<td class=\"column-1\">Portland, OR<\/td><td class=\"column-2\">16.7%<\/td><td class=\"column-3\">16.0%<\/td><td class=\"column-4\">17.3%<\/td>\n<\/tr>\n<tr class=\"row-38\">\n\t<td class=\"column-1\">Providence, RI<\/td><td class=\"column-2\">13.7%<\/td><td class=\"column-3\">10.2%<\/td><td class=\"column-4\">12.9%<\/td>\n<\/tr>\n<tr class=\"row-39\">\n\t<td class=\"column-1\">Riverside, CA<\/td><td class=\"column-2\">20.3%<\/td><td class=\"column-3\">20.7%<\/td><td class=\"column-4\">20.0%<\/td>\n<\/tr>\n<tr class=\"row-40\">\n\t<td class=\"column-1\">Sacramento, CA<\/td><td class=\"column-2\">14.9%<\/td><td class=\"column-3\">15.2%<\/td><td class=\"column-4\">17.5%<\/td>\n<\/tr>\n<tr class=\"row-41\">\n\t<td class=\"column-1\">San Antonio, TX<\/td><td class=\"column-2\">21.2%<\/td><td class=\"column-3\">22.1%<\/td><td class=\"column-4\">24.6%<\/td>\n<\/tr>\n<tr class=\"row-42\">\n\t<td class=\"column-1\">San Diego, CA<\/td><td class=\"column-2\">16.2%<\/td><td class=\"column-3\">15.5%<\/td><td class=\"column-4\">16.8%<\/td>\n<\/tr>\n<tr class=\"row-43\">\n\t<td class=\"column-1\">San Francisco, CA<\/td><td class=\"column-2\">4.6%<\/td><td class=\"column-3\">6.3%<\/td><td class=\"column-4\">5.1%<\/td>\n<\/tr>\n<tr class=\"row-44\">\n\t<td class=\"column-1\">San Jose, CA<\/td><td class=\"column-2\">6.2%<\/td><td class=\"column-3\">6.2%<\/td><td class=\"column-4\">7.7%<\/td>\n<\/tr>\n<tr class=\"row-45\">\n\t<td class=\"column-1\">Seattle, WA<\/td><td class=\"column-2\">10.1%<\/td><td class=\"column-3\">10.0%<\/td><td class=\"column-4\">11.9%<\/td>\n<\/tr>\n<tr class=\"row-46\">\n\t<td class=\"column-1\">St. Louis, MO<\/td><td class=\"column-2\">14.5%<\/td><td class=\"column-3\">13.6%<\/td><td class=\"column-4\">14.2%<\/td>\n<\/tr>\n<tr class=\"row-47\">\n\t<td class=\"column-1\">Tampa, FL<\/td><td class=\"column-2\">22.7%<\/td><td class=\"column-3\">22.0%<\/td><td class=\"column-4\">23.8%<\/td>\n<\/tr>\n<tr class=\"row-48\">\n\t<td class=\"column-1\">Virginia Beach, VA<\/td><td class=\"column-2\">16.8%<\/td><td class=\"column-3\">13.4%<\/td><td class=\"column-4\">14.0%<\/td>\n<\/tr>\n<tr class=\"row-49\">\n\t<td class=\"column-1\">Warren, MI<\/td><td class=\"column-2\">13.9%<\/td><td class=\"column-3\">13.3%<\/td><td class=\"column-4\">14.0%<\/td>\n<\/tr>\n<tr class=\"row-50\">\n\t<td class=\"column-1\">Washington, D.C.<\/td><td class=\"column-2\">12.0%<\/td><td class=\"column-3\">12.8%<\/td><td class=\"column-4\">12.3%<\/td>\n<\/tr>\n<tr class=\"row-51\">\n\t<td class=\"column-1\">West Palm Beach, FL<\/td><td class=\"column-2\">19.8%<\/td><td class=\"column-3\">19.1%<\/td><td class=\"column-4\">20.4%<\/td>\n<\/tr>\n<tr class=\"row-52\">\n\t<td class=\"column-1\"><strong>National\u2014U.S.A.<\/strong><\/td><td class=\"column-2\"><strong>16.3%<\/strong><\/td><td class=\"column-3\"><strong>15.2%<\/strong><\/td><td class=\"column-4\"><strong>15.8%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-382 from cache -->\n","protected":false},"excerpt":{"rendered":"<p>New listings inched up as some homeowners opted to cash out, fearing that elevated mortgage rates could drive a drop in home prices. Pending sales also saw a slight bump as the uptick in listings brought some house hunters off the sidelines. But home purchases fell through at the highest rate in nearly a year [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":76951,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,22],"tags":[32,623],"dashboard":[],"coauthors":[125],"class_list":["post-76950","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-market-tracker","tag-housing-market-tracker","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Home Purchases Are Getting Canceled at Highest Rate in Almost a Year<\/title>\n<meta name=\"description\" content=\"New listings and pending sales ticked up in September, but many home purchases fell through as high rates gave buyers cold feet.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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