April 25, 2025 5:44 pm
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Home sale cancellations rise in Phoenix

By Axios

More Valley home sales are getting canceled as economic uncertainty and stubbornly high prices leave buyers with cold feet, according to a new Redfin report.

By the numbers: Roughly 15.4% of pending home sales in metro Phoenix fell through in January, up from 14.3% a year earlier.

Zoom out: Phoenix mirrors the national trend, Redfin reports.

  • Around 1 in 7 pending U.S. home sales fell through in January, the highest share for this time of year since at least 2017.

What’s happening: Homebuyers are backing out of deals for several reasons, including the shock of still-steep prices and mortgage rates, plus economic and political uncertainty, Redfin researchers say.

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