Steve Pfost | Newsday | Getty Images
Amid higher interest rates and a softening housing market, home buyers are continuing to back out of purchase contracts at an elevated rate.
About 64,000 home-purchase agreements were canceled in August, according to a new report from Redfin. That’s equal to 15.2% of home contracts initiated during the month and similar to the 15.5% canceled in July. A year ago, the share was 12.1%.
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