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- Cancellations for new homes being built have dropped, according to a survey of home builders.
- The rate of cancellations has dropped nearly to what was seen during the peak of the pandemic housing boom.
- Home builders are seeing demand from buyers climb this year.
The housing market is showing signs of accelerating, with home builder cancellation rates for new homes tumbling to levels last seen during the height of the pandemic buying frenzy.
A March survey by John Burns Research and Consulting found that builders reported an aggregate cancellation rate of 9% for purchases of new homes under construction. That's much lower than the peak of 24.6% reached in October 2022, and nearly in line with the 8% hit during the pandemic home-buying boom.