Homebuyers Are Canceling Deals at a Record Rate. Here’s Why.
Roughly 56,000 U.S. home-purchase agreements were canceled in August, equal to 15.1% of homes that went under contract that month—the highest August percentage in records
As a data journalist, Lily is passionate about helping readers understand complex facets of the housing market. She is particularly interested in the issues of climate change, race and gender equality and housing affordability. Prior to working at Redfin, Lily spent four years as a reporter at Bloomberg News in New York City.
Roughly 56,000 U.S. home-purchase agreements were canceled in August, equal to 15.1% of homes that went under contract that month—the highest August percentage in records
There were an estimated 506,000 more home sellers than buyers in August, meaning buyers held the negotiating power. But the tables could turn if falling
Active listings fell 1.4% in August—the biggest decline since 2023—as homebuying anxiety spilled over to sellers. Mortgage rates dropped to the lowest level in about
Wages are up 4.1% year over year, while asking rents are up 2.6% and mortgage-payment growth has slowed to roughly 0% amid declining mortgage rates
48% of apartments built in Q1 were rented within three months, up from 47% in Q4 2024 and 46% in Q3 2024. As the balance
Asking rents climbed 3% in August as slowing supply and robust demand gave landlords more bargaining power; the number of new apartments hitting the market
Roughly 56,000 U.S. home-purchase agreements were canceled in August, equal to 15.1% of homes that went under contract that month—the highest August percentage in records
There were an estimated 506,000 more home sellers than buyers in August, meaning buyers held the negotiating power. But the tables could turn if falling
Active listings fell 1.4% in August—the biggest decline since 2023—as homebuying anxiety spilled over to sellers. Mortgage rates dropped to the lowest level in about
Wages are up 4.1% year over year, while asking rents are up 2.6% and mortgage-payment growth has slowed to roughly 0% amid declining mortgage rates
48% of apartments built in Q1 were rented within three months, up from 47% in Q4 2024 and 46% in Q3 2024. As the balance
Asking rents climbed 3% in August as slowing supply and robust demand gave landlords more bargaining power; the number of new apartments hitting the market