Home Sales See Record July Cancellations as High Mortgage Rates Weigh on Buyers

A growing share of U.S. home sales collapsed in July as wary buyers pulled back, underscoring the strain of elevated mortgage rates despite a modest uptick in overall existing-home sales.

Roughly 58,000 purchase agreements fell through last month, equal to more than 15 percent of homes that went under contract, according to real estate brokerage Redfin. That’s the highest cancellation rate for July since the company began tracking the data in 2017.