Nearly 53,000 U.S. home-sale agreements fell through in March, equal to 13.4% of homes that went under contract that month–up from 12.5% a year earlier. That’s tied with 2023 as the highest March share on record aside from 2020, when the uncertainty surrounding the start of the pandemic caused many buyers to back out of deals.

 

This is based on a Redfin analysis of MLS pending-sales data. The data is seasonal; typically, there’s a higher share of cancellations at the end of the year and a lower share in the spring. That’s why we compare this March to past Marchs. Please note: Homes that fell out of contract during a given month didn’t necessarily go under contract that same month. This data is subject to revision.