According to a recent report from Redfin, home purchases in June experienced the highest rate of cancellations on record, with 56k home-purchase agreements being canceled, equal to 14.9% of homes that went under contract that month. The report attributes this trend to higher housing costs causing buyers to get cold feet. Additionally, the median home sale price rose by 4% year over year to a record $442,525 in June, while the average interest rate on a 30-year mortgage stood at 6.92%.
For more information, you can read the full report on Redfin.com by clicking here.
The post Home Purchases Fall Through at Highest Rate in June on Record first appeared on Real Estate Investing Today.
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