Source: mint [India]
“Home-purchase contracts in the US were canceled at a record rate for July as jittery buyers got cold feet. About 58,000 agreements fell through last month, equivalent to 15.3% of homes that went under contract, according to Redfin. It was the highest cancellation rate for a July in data going back to 2017, the brokerage reported. It’s not just that the housing market’s expensive, with mortgage rates still elevated and home prices that have soared 50% since early 2020. Buyers are also pulling back more than usual now because of uncertainty over the economy. Plus, with more listings to choose from in many parts of the country, there’s less urgency. Cancellations were especially high last month in construction-heavy areas where inventory has piled up. San Antonio, Texas, where almost 23% of purchases fell through, led the way, followed by Florida’s Fort Lauderdale and Jacksonville, and Atlanta.” (08/21/25)