U.S. homebuyers are backing out of their real estate deals at a record rate.
According to Redfin, nearly 60,000 purchase agreements were canceled in July - the highest percentage of any July on record - and sales of existing homes fell at an annual rate of 2%.
“Many house hunters are getting cold feet because housing costs remain high. Economic uncertainty is also high, with recession fears on the rise,” Redfin data journalist Lily Katz wrote.
