Number Of Homebuyers Canceling Deals Explodes

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Number Of Homebuyers Canceling Deals Explodes!

The share of sale agreements on existing homes canceled in June was just under 15% of all homes that went under contract, according to a new report from Redfin. That is the highest share since early 2020, when homebuying paused immediately, albeit briefly. Higher mortgage rates and surging inflation are causing many potential homebuyers to reconsider their purchases. Higher mortgage rates have also caused some borrowers to no longer qualify for the loans they want. Homebuilders are also seeing higher cancellation rates. “It seems that these trends will harden as the Fed continues to tighten until inflation subsides. While we can choose to fight against the trend, the reality is that the market has been changing and we are getting ahead of it by making all necessary adjustments,” said Lennar Chairman Stuart Miller in the release.

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