Record Number of Buyers Back Out of Deals
In July 2024, approximately 59,000 home-purchase agreements were canceled, representing 15.8% of homes that went under contract that month—the highest percentage recorded for any July since Redfin began tracking this data in 2017.
Ralph’s Take
The increase in cancellations is largely driven by high housing costs and growing economic uncertainty, with many buyers reconsidering their decisions amidst fears of a potential recession. The trend was particularly pronounced in Florida and Texas, where the housing markets have cooled significantly post-pandemic.
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