Higher mortgage rates, inflation contributing to cancellations
Approximately 60,000 home purchase agreements fell through in June, according to a new analysis by Redfin.
The figure is equivalent to 14.9% of homes that went under contract during the month, an increase from 12.7% in May and 11.2% a year ago.
Approximately 60,000 home purchase agreements nationwide fell through in June, equivalent to 14.9% of homes that went under contract during the month, according to an analysis by Redfin. (Redfin)
June’s percentage marks the highest cancellation rate since March and April 2020, when the housing market was rattled by the onset of the COVID-19 pandemic. Approximately 17.6% of homes under contract in March 2020 and 16.4% of homes under contract in April 2020 fell through.
Housing bubble burst!