From Jeannine - buyers withdrawing from deals.
- Jim Costa
- Jun 1
- 2 min read
Realtors panic as buyers pull out of deals at near record levels: 'Market is crashing before our eyes'
Published: 12:31 EDT, 30 May 2025 | Updated: 14:02 EDT, 30 May 2025
he US housing market is teetering — and buyers are running for the exits.
Spooked by high mortgage rates, mounting insurance premiums, and growing fears of a shaky economy, an astonishing one in seven buyers are bailing at the last minute.
In April alone, 56,000 home purchase contracts were canceled — equal to 14.3 percent of all pending deals, according to a new report from Redfin.
That’s the second-highest April cancellation rate ever recorded, topped only by the early pandemic chaos in 2020.
'We see a lot of deals collapsing, especially in major markets like Las Vegas and Phoenix,' real estate expert and CEO of Fire Cash Buyer Joel Efosa told DailyMail.com.
'It's especially first-time buyers. Some are losing their jobs, others simply no longer qualify for loans because they don't make enough or have good credit.'
He added 'Realtors are asking sellers to accept the truth — the market is crashing before our eyes.'
Reasons for would-be buyers to bail are stacking up fast. A shaky economy and fear of jobs as a result has caused many to get cold feet as they worry they will not be able to cover the monthly payment.
Stubbornly-high mortgage rates that hit 7 percent mean those payments are higher than many want to pay.
Growing evidence of the house price bubble burst are the icing on the cake for many. They do not want to buy now, only to see property values plummet.
The Miami housing market is on a knife-edge as spiraling numbers of homebuyers pull out of deals. It's the latest area in the Sunshine State at risk of a crash.
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