ATLANTA — A new report by real estate brokerage Redfin says Atlanta is among the cities in the United States with the largest number of cancellations for home sale contracts.
Nationally, 13.6% of home-sale agreements fell through, according to Redfin.
In Atlanta, it was higher, at 18.8%.
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Among the top 10, Atlanta had the most cancellations, according to Redfin’s data, though it didn’t have the largest growth in number of cancellations.
That distinction went to Houston, Texas, where Redfin said the city’s 16.9% cancellation rate was 2.9 points higher than the year before.
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Turning back to Atlanta, Redfin said there are 70% more home sellers than buyers, which the company said gives buyers an advantage, and “the mindset that if they back out of one deal, they’re sure to find another.”
Here’s the top 10 cities for home contract cancellations in May:
- Atlanta - 18.8%
- Fort Worth, Texas - 18.1%
- Jacksonville, Fla. - 17.9%
- San Antonio, Texas - 17.8%
- Orlando, Fla. - 17.7%
- Phoenix, Ariz. - 17.6%
- Tampa, Fla. - 17.1%
- Dallas, Texas - 17%
- Detroit, Mich. - 17%
- Houston, Texas - 16.9%
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