Redfin Reports Over 15% of U.S. Home Sales Canceled in July
The real estate platform says July saw the highest rate of canceled purchase agreements for that month, with more than 15% of deals falling through.
Summary
More than 15% of U.S. home purchase agreements were canceled in July, according to Redfin. The real estate platform noted this represents the highest percentage for that specific month. The cancellations highlight ongoing instability in the housing market.
Terms & Concepts
- Purchase Agreement: A legally binding contract between buyer and seller outlining the terms of a real estate transaction.
- Redfin: A U.S.-based real estate brokerage and technology company that provides data on housing market trends.
- Home Sale Cancellation Rate: The percentage of signed purchase agreements that fail to close, often used as an indicator of housing market health.