Homebuyers are backing out of purchase deals at the highest level since the start of the pandemic.

Updated: Jul 26

Vector graphic of yellow house on sky blue background with female figure in white shirt and black pants holding a for sale sign

In early 2020, homebuying paused briefly as the Covid-19 pandemic took hold, with buyers canceling about 11% of purchase deals. In June, that rate jumped to 15%. So what happened? Here are the main contributing factors.

Higher Home Prices and Interest Rates