Homebuyers Are Backing Out Of Sales At Record Levels: Report

Homebuyers are backing out of property purchase deals at a level not seen since the beginning of the COVID-19 pandemic, according to data from Redfin (NASDAQ: RDFN ). What Happened: Approximately 60,000 home-purchase agreements were terminated during June, which is the equivalent of 14.9% of homes that went under contract that month, Redfin reported. That share is up from 12.7% in May and from 11.2% in June 2021. It is also the highest percentage since Redfin began tracking this data in 2017, with the exception of March and April 2020 when the pandemic took root in the U.S. "The slowdown in housing-market competition is giving homebuyers room to negotiate, which is one reason more of them are backing out of deals,” said Redfin Deputy Chief Economist Taylor Marr . “Buyers ... Full story available on Benzinga.com