Why are so many homebuyers backing out of deals?

Approximately 56,000 purchase agreements — nearly 15% of all pending sales transactions — were canceled in June, according to a report from the real estate brokerage Redfin.

The findings marked the highest cancellation rate for June since Redfin started tracking the metric in 2017. Redfin suggested that homebuyers may be experiencing difficulties committing “because buying a home is more expensive than ever.” For instance, the median home sale price has increased by 4% per year and the average interest rate on 30-year mortgages was just less than 7%, nearly double the low recorded during the COVID-19 pandemic.

Redfin analysts expect these rates to continue to remain high over the next few months.

Read more: Redfin

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