Home Sale Cancellations Hit Highest Rate Since Start of Pandemic: 15% of Would-Be Homebuyers Backed
Facing red-hot inflation and higher mortgage rates, some homebuyers are now backing out of deals — either to renegotiate them or because they can’t afford the mortgage anymore. In June, nationwide, 60,000 home-purchase agreements fell through, or ~15% of homes that went under contract that month, according to new data.
The data, released by Redfin, indicates that figure (14.9%, to be precise) as the highest percentage of home sale cancellations on record excepting March and April 2020, when the housing market halted due to the onset of the coronavirus pandemic. It is also a significant increase compared to the 11.2% of canceled deals in June of 2021.
Redfin RDFN has reported that June home sale cancellations have hit the highest rate since March and April 2020. The real estate brokerage made a new all-time low of $7.13 last month.
Do you think RDFN might break lower this month?![]()
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