Home sales are falling out of contract at record speed. In June, approximately 14.9% of sale contracts fell through.
According to Redfin, this is a big number. The last time that many homes fell out of contract it was in March-April 2020 when the pandemic hit and all of us didn’t know what to do. This time the problem is high mortgage rates and high living expenses, which mean you might not be able to afford the house you thought you were.
Realtors are calling this a buyers’ market, which means that inspections are back. During the red hot housing market of 2021, buyers were waiving inspections because they were so desperate to buy. Not any more! Inspections are back and, according to Redfin’s chief economist, “that gives [buyers] the flexibility to call off the deal.”