Since the Covid epidemic began, Americans are canceling home purchase agreements at the highest pace ever.
According to a recent Redfin survey, the percentage of contracts for sales of existing homes that were canceled in June was slightly under 15% of all contracts for new homes.
The proportion hasn’t been higher since the beginning of 2020, when home sales abruptly, albeit momentarily, stopped.
One year ago, cancellations were at roughly 11%.
Many prospective home-buyers are rethinking their purchases due to rising mortgage rates and rising inflation.
Additionally, buyers are witnessing a swift and dramatic turnaround in the once-hot market.
They might no longer feel compelled to submit an offer on a house that they believe will lose value in the upcoming year.
