Americans are canceling deals to buy homes at the highest rate since the start of the Covid pandemic.
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. Cancelations were at about 11% one year ago.
Higher mortgage rates and surging inflation are causing many potential homebuyers to reconsider their purchases.