Roughly 56,000 Home Purchase Contracts Canceled in August: Report

Buyers are more selective in their purchase decisions given the high property prices, elevated mortgage rates, and economic uncertainty.

A for-sale sign outside a home in Irvine, Calif., on Sept. 21, 2020. John Fredricks/The Epoch Times

Around 56,000 home purchase agreements were called off in August, with deals falling through more frequently due to buyers and sellers unwilling to compromise on their demands, real estate brokerage Redfin said in an Oct. 7 statement.

The cancellations accounted for 15.1 percent of homes that went under contract in August. The 56,000 canceled deals are up by 14.3 percent from a year ago, representing the highest August rate since 2017, the company said.