Source: First Tuesday Journal —
More buyers backing out
Real estate deals are faltering as home sales volume continues its downward path.
In June 2022, roughly 60,000 home sales fell through nationwide, translating to 14.9% of homes under contract.
This is the most escrow cancellations seen since March and April 2020, when sales cancellations were heightened by the outset of the pandemic. At this peak, job losses were through the roof and consumer confidence was in the basement.
In comparison, just 11.2% of sales fell through a year earlier. Further, just a month earlier in May 2022, 12.7% of escrows were cancelled. The vast majority of these cancellations were initiated by homebuyers, according to Redfin.
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