Story perspectives
US Home Purchase Cancellations Reach Highest Rate Since 2017
7/2/2025
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Story summary
- The US housing market is under strain as home purchase cancellations rose in May 2025.
- Approximately 6% of pending contracts were canceled, a decrease from April's 7% but an increase from 5% last year.
- This trend marks three consecutive months of year-over-year increases in cancellations.
- Redfin noted that 14.6% of pending sales fell out of contract, the highest rate since 2017.
