More home buyers backed out of deals in June than in any single month since the start of the pandemic, according to a report this week from real estate brokerage Redfin.
The roughly 60,000 home-purchase agreements that fell through equal 14.9% of homes that went under contract last month.
A slowing housing market gives buyers more room to negotiate. Others are being forced to renege on contracts because higher mortgage rates mean some homes are no longer affordable, according to the report.
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