{"id":78244,"date":"2024-07-23T05:30:58","date_gmt":"2024-07-23T12:30:58","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78244"},"modified":"2024-07-23T17:46:24","modified_gmt":"2024-07-24T00:46:24","slug":"home-purchase-cancellations-june-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/home-purchase-cancellations-june-2024\/","title":{"rendered":"Cold Feet: Buyers Backed Out of Deals at Record Rate in June as Home Prices Hit All-Time High"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>About 56,000 home purchases were canceled, equal to 15% of homes that went under contract\u2014the highest percentage of any June on record. Buyers are skittish due to elevated mortgage rates and record-high home prices.<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>20% of homes for sale last month had a price cut\u2014the highest June share on record. Many sellers are dropping prices because their homes are sitting on the market, causing listings to pile up; active listings posted the biggest annual gain on record.<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Home sales fell roughly 1% from a month earlier in June\u2014the biggest drop since October.<\/i><\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Deals to purchase homes are falling through at a record rate as high housing costs give buyers cold feet.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nearly 56,000 home-purchase agreements were canceled in June, equal to 14.9% of homes that went under contract that month\u2014the highest percentage of any June on record.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-78245\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/07\/pendings-fallen-thru-1024x650.png\" alt=\"\" width=\"800\" height=\"507\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/07\/pendings-fallen-thru-1024x650.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/07\/pendings-fallen-thru-300x190.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/07\/pendings-fallen-thru-768x487.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/07\/pendings-fallen-thru-1536x974.png 1536w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/07\/pendings-fallen-thru-2048x1299.png 2048w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Note: Homes that fell out of contract during a given month didn\u2019t necessarily go under contract the same month; for example, a home that fell out of contract in June could have gone under contract in May. Records for purchase cancellations go back through 2017, while records for most other statistics in this report go back through 2012.<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">House hunters are having trouble committing because buying a home is more expensive than ever. The median home sale price rose 4% year over year to a record $442,525 in June, and the average interest rate on a 30-year mortgage was 6.92%. While that\u2019s down slightly from 7.06% the prior month, it\u2019s still more than double the all-time low hit during the pandemic.<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-78248 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/07\/Median-Sale-Price-1-1.png\" alt=\"\" width=\"800\" height=\"600\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/07\/Median-Sale-Price-1-1.png 800w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/07\/Median-Sale-Price-1-1-300x225.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/07\/Median-Sale-Price-1-1-768x576.png 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">\u201cBuyers are getting more and more selective,\u201d said <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/julie-zubiate\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Julie Zubiate<\/span><\/a><span style=\"font-weight: 400;\">, a <\/span><a href=\"https:\/\/www.redfin.com\/premier\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Redfin Premier<\/span><\/a><span style=\"font-weight: 400;\"> real estate agent in the <\/span><a href=\"https:\/\/www.redfin.com\/city\/17151\/CA\/San-Francisco\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">San Francisco<\/span><\/a><span style=\"font-weight: 400;\"> Bay Area. \u201cThey\u2019re backing out due to minor issues because the monthly costs associated with buying a home today are just too high to rationalize not getting everything on their must-have list.\u201d<\/span><\/p>\n<h3><strong>June 2024 Housing Market Highlights: United States<\/strong><\/h3>\n<table>\n<thead>\n<tr>\n<th><\/th>\n<th><b>June 2024<\/b><\/th>\n<th><b>Month-over-month change<\/b><\/th>\n<th><b>Year-over-year change<\/b><\/th>\n<\/tr>\n<tr>\n<th><b>Median sale price<\/b><\/th>\n<th><span style=\"font-weight: 400;\">$442,525<\/span><\/th>\n<th><span style=\"font-weight: 400;\">0.9%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">4.0%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Homes sold, seasonally adjusted<\/b><\/th>\n<th><span style=\"font-weight: 400;\">417,179<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-0.5%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-1.1%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Total homes for sale, seasonally adjusted (active listings)<\/b><\/th>\n<th><span style=\"font-weight: 400;\">1,636,110<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-0.1%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">12.8%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Months of supply<\/b><\/th>\n<th><span style=\"font-weight: 400;\">2.6<\/span><\/th>\n<th><span style=\"font-weight: 400;\">0.2<\/span><\/th>\n<th><span style=\"font-weight: 400;\">0.7<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Median days on market<\/b><\/th>\n<th><span style=\"font-weight: 400;\">32<\/span><\/th>\n<th><span style=\"font-weight: 400;\">1<\/span><\/th>\n<th><span style=\"font-weight: 400;\">3<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Share of for-sale homes with a price drop<\/b><\/th>\n<th><span style=\"font-weight: 400;\">19.8%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">1.7 ppts<\/span><\/th>\n<th><span style=\"font-weight: 400;\">5.4 ppts<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Share of homes sold above final list price<\/b><\/th>\n<th><span style=\"font-weight: 400;\">35.1%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">0.0 ppts<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-4.5 ppts<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Average sale-to-final-list-price ratio<\/b><\/th>\n<th><span style=\"font-weight: 400;\">99.9%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">0.1 ppts<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-0.4 ppts<\/span><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"text-align: center;\"><b>Pending sales that fell out of contract, as % of overall pending sales<\/b><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">14.9%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">0.3 ppts<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">0.2 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td>\n<p style=\"text-align: center;\"><a href=\"https:\/\/fred.stlouisfed.org\/graph\/?g=1bnGA\" target=\"_blank\" rel=\"noopener\"><b>Average 30-year fixed mortgage rate<\/b><\/a><\/p>\n<\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">6.92%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-0.14 ppts<\/span><\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">0.21 ppts<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i><span style=\"font-weight: 400;\">Note: Data is subject to revision<\/span><\/i><\/p>\n<h3><b>Three Florida Metros Led the Nation in Home-Purchase Cancellations<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">In Orlando, about 900 home-purchase agreements were canceled in June, equal to 20.8% of homes that went under contract that month\u2014the highest percentage among the 50 most populous U.S. metropolitan areas. Next came Jacksonville (20.5%), Tampa (20.5%), Las Vegas (20.2%) and San Antonio (19.9%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWe\u2019re seeing nightmare scenarios where deals are getting canceled at the last minute for the most minute reasons,\u201d said <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/rafael-corrales\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Rafael Corrales<\/span><\/a><span style=\"font-weight: 400;\">, a <\/span><a href=\"https:\/\/www.redfin.com\/premier\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Redfin Premier<\/span><\/a><span style=\"font-weight: 400;\"> agent in <\/span><a href=\"https:\/\/www.redfin.com\/city\/11458\/FL\/Miami\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Miami<\/span><\/a><span style=\"font-weight: 400;\">, where roughly 2,500 home purchases were canceled in June\u2014equal to 17.6% of homes that went under contract. \u201cBuyers often back out during the inspection period because they find something they don\u2019t like, but affordability is really the underlying issue. I don\u2019t want my buyers to be surprised by all of the expenses that come with owning a home in Florida, so I advise them to proactively research the hefty costs of <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-insurance-survey-report-2024\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">insurance<\/span><\/a><span style=\"font-weight: 400;\">, property taxes and <\/span><a href=\"https:\/\/www.redfin.com\/news\/florida-condo-prices-dropping\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">HOA fees<\/span><\/a><span style=\"font-weight: 400;\">, in addition to the cost of their mortgage payment.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Corrales also advises customers, now more than ever, to seek legal representation. Buyers and sellers in Florida are having to sign all sorts of additional addendums, Corrales said, and many condos owners are getting hit with hefty special assessments. That\u2019s because the 2021 Surfside condo collapse led to a Florida law that <\/span><a href=\"https:\/\/www.wsj.com\/articles\/florida-condo-owners-brace-for-new-inspection-reserve-requirements-11672145038?mod=article_inline\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">requires<\/span><\/a><span style=\"font-weight: 400;\"> condo buildings to build up reserve funds and get new structural inspections if they\u2019re over 30 years old. Condo buyers are entitled to see a building\u2019s HOA board meeting minutes before finalizing a purchase, but Corrales said some are having to hire lawyers because sellers aren&#8217;t willingly sharing the information.<\/span><\/p>\n<h3><b>Nearly 1 in 5 Sellers Dropped Their Asking Price as Homes Sat on the Market\u2014the Highest June Rate on Record<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Roughly one in five (19.8%) homes for sale in June had a price cut\u2014the highest level of any June on record. That\u2019s up from 14.4% a year earlier and is just shy of the 21.7% record high set in October 2022.<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-78246\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/07\/price-drops-1024x648.png\" alt=\"\" width=\"800\" height=\"506\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/07\/price-drops-1024x648.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/07\/price-drops-300x190.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/07\/price-drops-768x486.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/07\/price-drops-1536x972.png 1536w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/07\/price-drops-2048x1296.png 2048w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/07\/price-drops.png 1896w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Some sellers are reducing their prices because their homes are sitting on the market and <\/span><a href=\"https:\/\/www.redfin.com\/news\/stale-inventory-may-2024\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">getting stale<\/span><\/a><span style=\"font-weight: 400;\">\u2014the result of an ongoing <\/span><a href=\"https:\/\/www.redfin.com\/news\/all-cash-homebuyers-february-2024\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">affordability crisis<\/span><\/a><span style=\"font-weight: 400;\"> impacting buyers. The typical home that sold in June spent 32 days on the market, the longest of any June since 2020. That\u2019s up three days from a year earlier\u2014the biggest annual increase since last summer. Listings are piling up as a result; active listings, or the total number of homes for sale, were little changed from a month earlier but jumped 12.8% from a year earlier\u2014the largest annual gain on record.<\/span><\/p>\n<h3><b>U.S. Home Sales Posted the Biggest Monthly Decline Since October<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Home sales fell 0.5% month over month in June on a seasonally adjusted basis. While that may seem like a small decline, it\u2019s the biggest since October 2023. Home sales dropped 1.1% from a year earlier, and were 21.5% below pre-pandemic (June 2019) levels.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sales are sluggish because many Americans can\u2019t afford to buy homes, and because while mortgage rates ticked down in June (and have fallen further this month), some buyers are waiting on the sidelines in hopes that they\u2019ll drop even more. But those buyers may be <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-housing-payments-mortgage-rates-decline\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">waiting in vain<\/span><\/a><span style=\"font-weight: 400;\">, said Redfin Economics Research Lead <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/chen-zhao\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Chen Zhao<\/span><\/a><span style=\"font-weight: 400;\">, as rates are unlikely to fall much in the next few months and markets have already priced in a September rate cut.<\/span><\/p>\n<h3><strong>Metro-Level Highlights: June 2024<\/strong><\/h3>\n<p><i><span style=\"font-weight: 400;\">The bullets below are based on a list of the 50 most populous U.S. metropolitan areas. A full metro-level data table can be found in the \u201cdownload\u201d tab of the dashboard in<\/span><\/i><i><span style=\"font-weight: 400;\"> the monthly section of the Redfin <\/span><\/i><a href=\"https:\/\/www.redfin.com\/news\/data-center\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">Data Center<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">. <\/span><\/i><i><span style=\"font-weight: 400;\">Refer to our <\/span><\/i><a href=\"https:\/\/www.redfin.com\/news\/data-center-metrics-definitions\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">metrics definition page<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> for explanations of metrics used in this report. Metro-level data is not seasonally adjusted. All changes below represent year-over-year changes.<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Prices: <\/b><span style=\"font-weight: 400;\">Median sale prices rose most from a year earlier in Anaheim, CA (13.2%) Newark, NJ (12.6%) and Nassau County, NY (12%). They fell in four metros, all of which are in Texas: Austin (-5.5%), Dallas (-1.6%), San Antonio (-1.3%) and Fort Worth (-0.2%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Price cuts:<\/b><span style=\"font-weight: 400;\"> In Indianapolis, 49.2% of listings had a price drop\u2014a higher share than any other metro Redfin analyzed. Next came Denver (46.6%) and Tampa (43%). The lowest shares were in Newark (15.2%), Chicago (16.3%) and Milwaukee (17%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Active listings:<\/b><span style=\"font-weight: 400;\"> Active listings rose most in Tampa (47%), Fort Lauderdale, FL (45.3%) and Orlando (41.4%). They fell most in Chicago (-7.4%), New Brunswick, NJ (-7%), and New York (-5.8%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Closed home sales:<\/b><span style=\"font-weight: 400;\"> Home sales rose in just one metro: San Jose, CA (1.8%). They fell least in Portland, OR (-3.2%), Oakland, CA (-3.7%) and San Diego (-5%), and fell most in West Palm Beach, FL (-23.5%), Fort Lauderdale (-23%) and Virginia Beach, VA (-17.7%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Sold above list price:<\/b><span style=\"font-weight: 400;\"> In San Jose, 72.1% of homes sold above their final list price, the highest share among the metros Redfin analyzed. Next came Newark (71.7%) and Oakland (63.1%). The shares were lowest in West Palm Beach (7.3%), Miami (11.4%) and Fort Lauderdale (12.3%).<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>About 56,000 home purchases were canceled, equal to 15% of homes that went under contract\u2014the highest percentage of any June on record. Buyers are skittish due to elevated mortgage rates and record-high home prices. 20% of homes for sale last month had a price cut\u2014the highest June share on record. Many sellers are dropping prices [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":78094,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,22],"tags":[20,32,623],"coauthors":[125],"class_list":["post-78244","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-market-tracker","tag-housing-affordability","tag-housing-market-tracker","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Homebuyers Backed Out of Deals at a Record Rate in June<\/title>\n<meta name=\"description\" content=\"Orlando, Jacksonville and Tampa led the nation in home-purchase cancellations as Florida\u2019s housing market undergoes a reckoning.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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