By Gray News | AZ Family
According to Redfin, nearly 60,000 purchase agreements were canceled in July – the highest percentage of any July on record – and sales of existing homes fell at an annual rate of 2%.
“Many house hunters are getting cold feet because housing costs remain high. Economic uncertainty is also high, with recession fears on the rise,” Redfin data journalist Lily Katz wrote.
Pending sales of both existing homes and newly constructed homes also dropped to the lowest level on record last month aside from April 2020 when the pandemic brought the economy to a screeching halt.
