Home purchase cancellations happening at record rate, Redfin says

Home sales are being canceled at a record rate with prices and interest rates remaining high, according to a Redfin analysis.

Redfin reported that more than 15% of home sales were canceled in July, which is about 58,000. 

This marks the highest rate since 2017.

The most cancellations in July occurred in San Antonio, which was 22.7%, followed by Fort Lauderdale, Fla. at 21.3%, Jacksonville, Fla. at 19.9% and Atlanta at 19.7%.