Roughly 58,000 U.S. home-purchase agreements were canceled in July, equal to 15.3% of homes that went under contract last month, according to a new report from Redfin, the real estate brokerage powered by Rocket. That’s up from 14.5% a year earlier and marks the highest July rate in records dating back to 2017.
This is based on a Redfin analysis of MLS pending-sales data. The data are seasonal, which is why Redfin compares this July to past Julys. Please note that homes that fell out of contract during a given month didn’t necessarily go under contract the same month.
Cancellations fell from a year earlier in only 11 metros, with the biggest drops in Phoenix (-2.4 ppts), Orlando, FL (-1.4 ppts), Tampa (-1.3 ppts), Sacramento, CA (-1.3 ppts) and Philadelphia (-1.2 ppts)…