Redfin Reports Home Purchases Are Getting Canceled at a Record Rate

SEATTLE--(BUSINESS WIRE)--Roughly 58,000 U.S. home-purchase agreements were canceled in July, equal to 15.3% of homes that went under contract last month, according to a new report from Redfin, the real estate brokerage powered by Rocket. That’s up from 14.5% a year earlier and marks the highest July rate in records dating back to 2017. This is based on a Redfin analysis of MLS pending-sales data. The data are seasonal, which is why Redfin compares this July to past Julys. Please note that home