Agency: Over 50,000 housing sales agreements in the United States fell through in March.

According to Redfin data, nearly 53,000 home sales contracts fell through in the United States in March. This is equivalent to 13.4% of the homes that were under contract that month. The cancellation rate of home purchase agreements is higher than the same period last year for several reasons. First, it is currently a buyer's market. In the U.S. housing market, there are 600,000 more sellers than buyers. This gives buyers negotiating power and makes it easier for them to add contingencies. They may cancel the deal due to issues they don't want to fix, finding a house they like better, or simply changing their minds. Redfin also stated that mortgage rates significantly increased in March, while home sale prices are on the rise.