Skip to content

US Home-Sale Cancellations Soar in July as Buyers Pull Back

New analysis from Redfin shows that buyers are getting out of more housing deals as higher borrowing costs rattle the market.

New homes under construction in Arcola, Texas, in July. 

New homes under construction in Arcola, Texas, in July. 

Photographer: Mark Felix/Bloomberg

Failed US home-purchase deals jumped in July as buyers continued to back away from the market amid rising mortgage rates. 

Roughly 63,000 home-purchase agreements were canceled in July, equal to about 16% of properties that went into contract that month, according to an analysis by Redfin Corp. That was up from 15% of deals that fell apart in June. A year earlier, when the housing market was running hot, it was about 12.5%.