Home sales and listings in September both slumped the most on record with the exception of the early months of the pandemic as rapidly rising mortgage rates prompted both buyers and sellers to stay put, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.
As mortgage rates go up and the housing market softens, more people are canceling home purchases. In August, over 15 percent of home purchase agreements were canceled—the second month in a row, according to real estate brokerage Redfin. Compared to a year ago, cancellations are up 3 percent.
Buyer beware: You may want to think carefully about that home purchase now, according to one expert. “From an affordability perspective, this might be the worst time you could buy because mortgage rates have spiked quite a bit,” Chistopher Mayer …