Real Estate
US Home Deals Fell Apart at a Record Rate for June, Redfin Says
- More sellers are cutting asking prices on listed homes
- Properties have been lingering on the market for longer
Buyers are become more skittish in the face of record-high home prices and interest rates hovering just under 7%.
Photographer: Yuki Iwamura/BloombergThis article is for subscribers only.
US home deals were canceled at the highest rate on record for a June as affordability pressures sidelined potential buyers.
Nearly 56,000 home purchases were canceled last month, equal to about 15% of all homes that went under contract that month, Redfin Corp. reported Tuesday. That’s the highest share of cancellations for June in the brokerage’s data going back through 2017.