A significant number of buyers are backing out of real estate deals in part because of rising borrowing rates, which are inching closer to 8%. They are currently hovering around 7.63%.
Fifty-three thousand real estate deals were canceled last month — the highest rate in nearly a year — as rising borrowing rates continue to scare off buyers, Redfin reported. In September, 16.3% of home purchase agreements in the U.S. were canceled, according to the technology-powered real estate brokerage. That marks the highest percentage of canceled contracts since October 2022, when borrowing rates surpassed 7% for the first time in two decades.
It's up from the 15.2% of purchase agreements that fell through in August and the 15.8% of agreements that fell through a year earlier, according to the data. While pending home sales have ticked up, the number of closing sales have slumped to significant degree compared to a year earlier. In September, the number homes going under contract rose 1.3% month over month, reaching its highest level in nearly a year on a seasonally adjusted basis. A year earlier, pending sales were down 12.
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