Home sales are falling through at the highest rate in years, as record prices, elevated mortgage rates and economic uncertainty lead more buyers to walk away.
More than 15 percent of home purchases fell through last month, the highest July rate in records dating back to 2017, according to a new Redfin analysis.
Those failed sales amounted to roughly 58,000 canceled U.S. home purchase agreements last month, equal to about 15.3 percent of homes that went under contract in July. That’s up from 14.5 percent a year ago and 12 percent before the pandemic.
Cancellations were most common in Texas and Florida, which are currently home to some of the slowest housing markets in the country.
San Antonio led the nation, with July cancellations equal to 22.7 percent of homes that went under contract during the month. Fort Lauderdale, Fla. (21.3 percent), Jacksonville, Fla. (19.9 percent) and Atlanta (19.7 percent) also made the top five.
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Author: Marty Kaufmann
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