Redfin reports that 14% of U.S. home-sale agreements that went under contract in July fell through, the highest share since November 2023 and up from 13.7% a month earlier. The increase reflects a market where buyers have more power, with the number of U.S. homebuyers dropping to a record low and a near-record 51% more sellers than buyers. Affordability challenges, including high home prices and elevated mortgage rates, are making buyers more cautious. Cancellations are most common in the South, led by Atlanta at 19.8%, while Nassau County, New York had the lowest rate at 3.5%.
Rocket Companies IncHigh home-purchase cancellations and record-low buyer demand reduce mortgage origination volume for Rocket Companies.
Meta Platforms Inc.