A new Redfin analysis published on Wednesday, June 17, found that Texas had the largest concentration of metros with home-sale cancellations in America, representing a marked increase over the national home-sale cancellation rate of 13.6%. It’s a trend prevalent not only in Texas but across the Sun Belt region, Redfin experts noted.
Zeroing in on Texas, Fort Worth had the highest share of home-sale fallouts, with 18.1% of pending sales falling out of contract. It was second only to Atlanta, which had 18.8% of pending home sales not come to fruition.
Trailing just slightly behind Fort Worth was San Antonio, which reported a cancellation rate of 17.8% among its pending home sales. Both Dallas and Houston stood neck and neck near the bottom of the Top 10, with 17% and 16.9% of home sales ultimately falling through, respectively.
“Sellers need to pay attention and price realistically, because the market is leaning toward buyers,” Connie Durnal, a Dallas-based Redfin Premier agent, said in the report. “I recently worked with smart sellers who knew how to get their home under contract and get the deal done: They had paid $400,000 for the home, but they listed at $390,000 because that’s where the market was. They were willing to consider offers under the list price and negotiate with buyers, too.”