The housing market is facing challenges, with over 40,000 signed home purchase agreements canceled in December, representing 16.3% of all contracts, up from 14.9% in the previous year. There were 47% more home sellers than buyers in December, the largest gap on record since 2013, leading to increased selectivity among buyers. Regionally, Atlanta saw the most contract cancellations, while pending sales dropped 9% in December.

Read more at CNBC: Homebuyers are backing out of deals at the fastest pace since 2017