【Zillow】More Pending Homes Are Falling Through, but No Need to Sound the Alarms

• The share of contract cancellations — pending listings that have gone back on the market without a sale — has recently increased, but remains in line with pre-pandemic norms. 
• The recent increase in contract cancellations is more evidence of a rebalancing in the housing market that has both eased buyer demand and given buyers who remain in the market more negotiating power than they have had for most of the pandemic. 
• A greater share of lower priced homes have fallen out of contract than higher priced homes. This likely reflects affordability challenges taking their toll on buyers with relatively lower incomes as mortgage rates have risen. 

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