- Home sale cancellations in the U.S. reached 14% in July, the highest since Nov. 2023.
- Factors include financial uncertainty, increased mortgage rates, and a shift to a buyers’ market.
- Orlando ranked fifth for cancellations; Salt Lake County saw an 11% drop in under-contract listings.
SALT LAKE CITY — The rate of home sale cancellations last month was the highest in nearly three years.
New data from the online real estate brokerage Redfin found that 14% of the deals made to buy homes in the U.S. fell through in July, the most since November 2023 on a seasonally adjusted basis.
The share of deals being canceled has been climbing across the country since the bidding wars of the COVID-19 pandemic-era home buying frenzy wound down, Redfin’s data showed. Then, some 11% of home sales were being canceled…