Temperatures are rising, but the housing market appears to be cooling.
About 60,000 people pulled out of home-buying contracts in June, the real estate department says red fin. That figure represents nearly 15% of homes listed for sale that month, and it’s the highest rate since the start of the COVID-19 pandemic.
Here are the metropolitan areas where most people give up buying a home, a list that includes several links.
10. Crestview, Florida
Pending home sales that fell out of contract in June: 23.5%
According Zillow. With mortgage rates on the rise again, people here may be less interested in buying at these prices.
Or maybe they have better things to do with their money. Crestview was one of “10 Places Residents Invest More In” last year.
8. Phoenix (tie)
Pending home sales that fell out of contract in June: 24.5%
We recently noted that Phoenix is one of the “10 most popular US cities to move to,” and all of those people have to live somewhere. But they may be taking a more measured approach to buying a home now compared to a year ago, when many people across the country were waiver of home inspections just to beat the competition.
8. Orlando, Florida (tie)
Pending home sales that fell out of contract in June: 24.5%
The Disney World home was also one of the most popular US cities to move to in 2021, but it seems many people are hesitant to be neighbors to the House of Mouse. The typical home value here is over $380,000, up nearly a third from a year ago, according to Zillow.
7. Palm Bay, Florida
Pending home sales that fell out of contract in June: 24.9%
Palm Bay was among the “15 cities where homebuyers are most likely to face bidding wars” earlier this year, but now 1 in 4 sales are unfinished. Apparently, a lot can happen in a few months, so if you’re interested in a home on Central Florida’s Atlantic coast, consider coming back in the fall.
5. New Orleans (tie)
Pending home sales that fell out of contract in June: 25.3%
New Orleans has seen a softer real estate market over the past year, but that’s only relatively telling – it’s still up nearly 11% over the past year, with typical home values d around $285,000, according to Zillow.
5. Jacksonville, Florida (tie)
Pending home sales that fell out of contract in June: 25.3%
Jacksonville, meanwhile, has seen a 30.5% increase in the value of a typical home over the past year, according to data from Zillow. The typical house here is worth around $308,000.
However, as we recently wrote, Jacksonville is one of “10 Markets Where Home Prices Could Drop 20%.”
3. Port St. Lucie, Florida (tie)
Pending home sales that fell out of contract in June: 25.7%
The fifth — but not last — Florida city on the list has seen a particularly dramatic increase in home values since June 2021, according to Zillow. The median home value here is now just over $400,000, up about 40% from a year ago.
3. Cape Coral, Florida (tie)
Pending home sales that fell out of contract in June: 25.7%
This popular boating town is featured in “The 25 Best Towns to Retire in Florida.” But with a quarter of home sales contracts failing here in June, the move for retirement may not be smooth.
2. Lakeland, Florida
Pending home sales that fell out of contract in June: 26.7%
Lakeland home buyers were recently paying a premium of up to 53% in this overvalued market. With more home sales falling, that number could start to drop.
1. Vegas
Pending home sales that fell out of contract in June: 27.2%
The house always wins – until the spenders leave, at least. This is happening more frequently in Vegas than anywhere else in the United States right now, according to Redfin’s analysis.
Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click on links in our stories.
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