Home purchase cancellations set record

# Home purchase cancellations set record  As we told you up top, 15% of homes (around 56,000) that went under contract were canceled in June, the [highest percentage of cancellations](https://www.redfin.com/news/home-purchase-cancellations-june-2024/?utm_source=www.readtheblueprint.com&utm_medium=newsletter&utm_campaign=home-cancellations-set-unfortunate-record) in any June on record, according to Redfin. Here’s what else the firm reports from June: - 20% of homes for sale had a price cut, the highest June share on record - Home sales fell roughly 1% month-over-month, the biggest drop since October - Many sellers are dropping prices because their homes are sitting on the market - The median home sale price rose 4% year-over-year to a record $442,525 - Three Florida metros led the nation in home purchase cancellations: Orlando (20.8%), Jacksonville (20.5%) and Tampa (20.5%) **Our take** Yes, the level of cancellations is certainly problematic, but it doesn’t entirely surprise us. Given the high monthly costs associated with buying a home today, we can see why buyers might be afraid they bit off more than they could chew. On top of that, buyers are getting more selective. If they don’t get nearly everything on their must-have lists, they’re willing to walk away. That said, we do believe that this trend will reverse itself once the Fed cuts interest rates and mortgage rates fall. facebook-letter-logo x-logo linkedin-logo pinterest-logo [Facebook](https://www.facebook.com/sharer.php?u=https%3A%2F%2Fapfreg.com%2Fhome-purchase-cancellations-set-record%2F) [X](https://x.com/intent/post?url=https%3A%2F%2Fapfreg.com%2Fhome-purchase-cancellations-set-record%2F&text=Home+purchase+cancellations+set+record) [Pinterest](https://pinterest.com/pin/create/link/?url=https%3A%2F%2Fapfreg.com%2Fhome-purchase-cancellations-set-record%2F) [LinkedIn](https://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fapfreg.com%2Fhome-purchase-cancellations-set-record%2F&title=Home+purchase+cancellations+set+record&summary=As+we+told+you+up+top%2C+15%25+of+homes+%28around+56%2C000%29+that+went+under+contract+were+canceled+in+June%2C+the%C2%A0highest+percentage+of+cancellations%C2%A0in+any+June+on+record%2C+according+to+Redfin.+Here%E2%80%99s+what+else+the+firm+reports+from+June%3A+20%25+of+homes+for+sale+had+a+price+cut%2C+the+highest+June+share+on+record+Home+sales+%5B%E2%80%A6%5D)