PHOENIX — The Phoenix metro housing market is seeing some of the nation’s highest number of homebuyers backing out of deals, along with one of the biggest declines in bidding wars, according to research from real estate platform Redfin.
The findings come in two different reports from Redfin revealing more evidence of the cooling housing market amid rising interest rates and high inflation.
In one analysis [redfin.com] of MLS data released Sept. 26, Redfin found that 21.6% of buyers in the Phoenix-area market called off deals in August, which was the sixth-highest rate out of the top 50 U.S. markets.
Phoenix wasn’t alone among Sun Belt cities, which claimed the top 15 spots on the list, with the top 10 all seeing rates higher than 20%. The national average of buyers backing out of contracts was 15.5%, which is roughly the rate seen over the past three months, Redfin said. A year ago, the rate was at 12.1% nationally.
