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.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.
Home Sales Are Getting Canceled at the Highest Rate Since the Start of the Pandemic