June Home Sale Cancelation Levels at Highest Level Since Start of Pandemic

Redfin, the Seattle-based, technology-powered, real estate brokerage firm reported today (7-11-22) that approximately 60,000 home-purchase agreements were canceled in June, that is equal to 14.9% of all the homes that went under contract during the month. As a comparison, 12.7% of home-purchase agreements were canceled in May, and in June 2021 the percentage was 11.2%

Redfin notes that the June home-purchase cancelation level is the highest percentage since March and April of 2020, when the Coronavirus pandemic just about brought the housing market to a total halt.