Record Number of Homebuyers Cancel Sales Agreements in January

A “for sale” sign is displayed near a home in Austin, Texas, in this file photo. Brandon Bell/Getty ImagesNearly 40,000 prospective homebuyers backed out of transactions that were under contract in January, the highest rate of cancellations for the initial month of the year since 2017, online real estate brokerage Redfin reported on Feb. 24.About one in seven sales in the United States fell through in January due to financial uncertainty and buyers exploring different options after initiating sales agreements, said Redfin, which analyzed pending sales data from the Multiple Listing Service for its findings.