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- Nearly 16% of home sale deals in August were canceled, the highest rate since last October, Redfin reported.
- Soaring mortgage rates, which climbed as high as 7.23% last month, are giving homebuyers cold feet.
- "I've seen more homebuyers cancel deals in the last six months than I've seen at any point during my 24 years of working in real estate."
Surging mortgage rates are not only keeping potential homebuyers out of the market, they're pushing away those who were ready to sign.
In August, 15.7% of home-purchase deals set to go under contract that month were canceled, equal to nearly 60,000 of agreements, Redfin reported. That's the highest rate since cancellations peaked in October 2022 and up from 14.3% a year earlier.