The Brief

New data from Redfin shows that home-purchase agreement cancellations reached a record rate over the summer.

By the numbers:

In July, approximately 58,000 U.S. home-purchase agreements fell through, representing 15.3% of all homes that went under contract that month.

This figure is up from 14.5% a year earlier and marks the highest cancellation rate for July since records began in 2017.

RELATED: New homes are smaller – but more expensive – per square foot, study finds

Why more home-purchasing agreements are being canceled

Dig deeper:

According to Redfin, home purchases are falling through at higher rates as elevated prices, steep mortgage costs, and broader economic uncertainty leave many buyers uneasy.

With more inventory available than in recent years, buyers often

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