Homebuyers in the US Canceled Contracts at Record Rate for July

Home-purchase contracts in the US were canceled at a record rate for July as jittery buyers got cold feet.

About 58,000 agreements fell through last month, equivalent to 15.3% of homes that went under contract, according to Redfin. It was the highest cancellation rate for a July in data going back to 2017, the brokerage reported.

It’s not just that the housing market’s expensive, with mortgage rates still elevated and home prices that have soared 50% since early 2020. Buyers are also pulling back more than usual now because of uncertainty over the economy. Plus, with more listings to choose ...