{"id":30802,"date":"2023-10-30T19:33:56","date_gmt":"2023-10-30T19:33:56","guid":{"rendered":"https:\/\/microloannexus.com\/personal-finance\/home-sale-agreements-cancelled-at-an-alarming-rate-redfin\/"},"modified":"2023-10-30T19:34:04","modified_gmt":"2023-10-30T19:34:04","slug":"home-sale-agreements-cancelled-at-an-alarming-rate-redfin","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=30802","title":{"rendered":"Home sale agreements cancelled at an alarming rate: Redfin"},"content":{"rendered":"
<\/p>\n
\n
<\/source><\/source><\/picture> <\/div>\n

<\/p>\n

<\/div>\n<\/div>\n

As high home prices and rising mortgage rates weighed on the minds of would-be homebuyers, many got cold feet this summer \u2013 according to an analysis<\/u> by Redfin.\u00a0<\/p>\n

In fact, almost 60,000 home-purchase agreements were canceled in August, marking an increase from 14.3% a year prior and the highest percentage hike since October 2022 \u2013 when mortgage rates rose above 7% for the first time in two decades, according to Redfin.<\/p>\n

But mortgage rates are hovering around 7% once more despite the Federal Reserve\u2019s pause to interest rate hikes<\/u> in September.\u00a0<\/p>\n

“I\u2019ve seen more homebuyers cancel deals in the last six months than I\u2019ve seen at any point during my 24 years of working in real estate,” Jaime Moore, a Redfin Premier real estate agent in Reno, said in a statement. “They\u2019re getting cold feet. “Buyers get sticker shock when they see their high rate on paper alongside extra expenses for maintenance, repairs and closing costs. Many of them would rather back out, even if it means losing their earnest money.\u00a0<\/p>\n

“A lot of sellers are also willing to let buyers slip away because they don\u2019t want to concede to repair requests,” Moore continued.\u00a0<\/p>\n

The median sale price for a home was $420,846 in August, representing a 3% year-over-year increase, according to Redfin data. That signaled the most significant annual increase since October 2022. And home prices have remained elevated in part due to low housing availability. In fact, active listings declined 20.8% year-over-year in August.\u00a0<\/p>\n

Despite the current state of the housing market, you could still find the best mortgage rate by shopping around. Visit Credible to compare rates from different lenders without affecting your credit score.<\/p>\n

CONSUMERS ARE TURNING TO PERSONAL LOANS TO PAY OFF CREDIT CARD DEBT: TRANSUNION<\/u><\/strong><\/p>\n

Home sales drop amid high mortgage rates<\/strong>\u00a0<\/h2>\n

With some mortgage rates rising to more than 7% and average mortgage payments reaching an all-time high<\/u>, home sales declined 13% from a year ago, according to a separate report<\/u> by Redfin. And the total number of available homes for sale dropped 16% as home sellers keep tight grips on the low mortgage rates they secured earlier.<\/p>\n

But the housing market has been getting a small pump this month.\u00a0\u00a0\u00a0<\/p>\n

“A few more home sellers have jumped off the sidelines,” Redfin said in its report. “New listings have stabilized, ticking up slightly since the beginning of September. They\u2019re down 7% from a year earlier, but that\u2019s the smallest decline since July 2022 (though it\u2019s worth noting that new listings were falling rapidly at this time last year). It\u2019s possible that some homeowners are taking advantage of rising home prices and low inventory, counting on being one of the only homes for sale in their neighborhood.”<\/p>\n

Additionally, recent interest rate conditions have put a strain on homebuilding outlooks.\u00a0<\/p>\n

“Mortgage rates continue to linger above 7% as the Federal Reserve paused their interest rate hikes,” Freddie Mac Chief Economist Sam Khater said in a statement. “Given these high rates, housing demand is cooling off, and now homebuilders are feeling the effect. Builder sentiment declined for the first time in several months, and construction levels have dipped to a three-year low, which could have an impact on the already low housing supply.”<\/p>\n

If you\u2019re concerned about the future of the housing market and are ready to become a homeowner now, it could benefit you to shop around for the best mortgage rate. Visit Credible to get your personalized rate in minutes.<\/p>\n

BACK-TO-SCHOOL SHOPPING EXPENSES TO REACH RECORD HIGH: SURVEY<\/u><\/strong><\/p>\n

Future rate hikes could boost mortgage rates<\/strong><\/h2>\n

The Fed in its September meeting announced a pause in interest rate hikes<\/u> after having raised rates 11 times to bring down inflation to 2%. But putting the brakes may not bring much resolution to would-be homebuyers as the federal funds rate remains at a 22-year high of 5.25% to 5.5%. And the central bank also hinted it won\u2019t take future interest rate hikes off the table until it’s convinced that it’s close to reaching its goals.\u00a0<\/p>\n

“Inflation remains well above our longer run goal of 2%,” Fed Chairman Jerome Powell said at a press conference. “We’re prepared to raise rates further if appropriate, and we intend to hold policy at a restrictive level until we’re confident that inflation is moving down sustainably toward our objectives.”<\/p>\n

Still, many experts believe the central bank could spike rates again before the year ends.<\/p>\n

“The Fed\u2019s updated outlook offered telling clues,” Realtor.com Chief Economist Danielle Hale said in a statement. “The 2023 year-end projection remains at 5.6%, meaning that another rate hike before year\u2019s end is not only on the table, it is consistent with the median viewpoint.”<\/p>\n

If you\u2019re concerned about rates rising higher soon, you could still find the best rate today by comparing your options. Visit Credible to speak with an expert and get your questions answered.\u00a0<\/p>\n

CONSUMER CREDIT INCREASED BY NEARLY $5 TRILLION<\/u><\/strong><\/p>\n

Have a finance-related question, but don’t know who to ask?<\/strong>\u00a0Email The Credible Money Expert at\u00a0<\/i>moneyexpert@credible.com<\/u><\/i>\u00a0and your question might be answered by Credible in our Money Expert column.<\/i><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

As high home prices and rising mortgage rates weighed on the minds of would-be homebuyers, many got cold feet this summer \u2013 according to an analysis by Redfin.\u00a0 In fact, almost 60,000 home-purchase agreements were canceled in August, marking an increase from 14.3% a year prior and the highest percentage hike since October 2022 \u2013<\/p>\n","protected":false},"author":1,"featured_media":30803,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44],"tags":[32],"class_list":{"0":"post-30802","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-featured"},"yoast_head":"\nHome sale agreements cancelled at an alarming rate: Redfin | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"As high home prices and rising mortgage rates weighed on the minds of would-be homebuyers, many got cold feet this summer \u2013 according to an analysis by\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/microloannexus.com\/?p=30802\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Home sale agreements cancelled at an alarming rate: Redfin | Micro Loan Nexus\" \/>\n<meta property=\"og:description\" content=\"As high home prices and rising mortgage rates weighed on the minds of would-be homebuyers, many got cold feet this summer \u2013 according to an analysis by\" \/>\n<meta property=\"og:url\" content=\"https:\/\/microloannexus.com\/?p=30802\" \/>\n<meta property=\"og:site_name\" content=\"Micro Loan Nexus\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-30T19:33:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-30T19:34:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/10\/1698694437_Credible-1677453869-home-sale-contracts-cancel-summer-2023-1024x576.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"576\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/microloannexus.com\/?p=30802#article\",\"isPartOf\":{\"@id\":\"https:\/\/microloannexus.com\/?p=30802\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/microloannexus.com\/#\/schema\/person\/e2d3b62d35ac325be68540d68dc6660a\"},\"headline\":\"Home sale agreements cancelled at an alarming rate: Redfin\",\"datePublished\":\"2023-10-30T19:33:56+00:00\",\"dateModified\":\"2023-10-30T19:34:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/microloannexus.com\/?p=30802\"},\"wordCount\":854,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/microloannexus.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Personal Finance\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/microloannexus.com\/?p=30802#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/microloannexus.com\/?p=30802\",\"url\":\"https:\/\/microloannexus.com\/?p=30802\",\"name\":\"Home sale agreements cancelled at an alarming rate: Redfin | Micro Loan Nexus\",\"isPartOf\":{\"@id\":\"https:\/\/microloannexus.com\/#website\"},\"datePublished\":\"2023-10-30T19:33:56+00:00\",\"dateModified\":\"2023-10-30T19:34:04+00:00\",\"description\":\"As high home prices and rising mortgage rates weighed on the minds of would-be homebuyers, many got cold feet this summer \u2013 according to an analysis by\",\"breadcrumb\":{\"@id\":\"https:\/\/microloannexus.com\/?p=30802#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/microloannexus.com\/?p=30802\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/microloannexus.com\/?p=30802#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/microloannexus.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Home sale agreements cancelled at an alarming rate: Redfin\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/microloannexus.com\/#website\",\"url\":\"https:\/\/microloannexus.com\/\",\"name\":\"Solutions For Real\",\"description\":\"Latest Finance News and Updates\",\"publisher\":{\"@id\":\"https:\/\/microloannexus.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/microloannexus.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/microloannexus.com\/#organization\",\"name\":\"Solutions For Real\",\"url\":\"https:\/\/microloannexus.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/microloannexus.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png\",\"contentUrl\":\"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png\",\"width\":690,\"height\":64,\"caption\":\"Solutions For Real\"},\"image\":{\"@id\":\"https:\/\/microloannexus.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/microloannexus.com\/#\/schema\/person\/e2d3b62d35ac325be68540d68dc6660a\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/microloannexus.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png\",\"contentUrl\":\"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/microloannexus.com\"],\"url\":\"https:\/\/microloannexus.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Home sale agreements cancelled at an alarming rate: Redfin | Micro Loan Nexus","description":"As high home prices and rising mortgage rates weighed on the minds of would-be homebuyers, many got cold feet this summer \u2013 according to an analysis by","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/microloannexus.com\/?p=30802","og_locale":"en_US","og_type":"article","og_title":"Home sale agreements cancelled at an alarming rate: Redfin | Micro Loan Nexus","og_description":"As high home prices and rising mortgage rates weighed on the minds of would-be homebuyers, many got cold feet this summer \u2013 according to an analysis by","og_url":"https:\/\/microloannexus.com\/?p=30802","og_site_name":"Micro Loan Nexus","article_published_time":"2023-10-30T19:33:56+00:00","article_modified_time":"2023-10-30T19:34:04+00:00","og_image":[{"width":1024,"height":576,"url":"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/10\/1698694437_Credible-1677453869-home-sale-contracts-cancel-summer-2023-1024x576.png","type":"image\/png"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/microloannexus.com\/?p=30802#article","isPartOf":{"@id":"https:\/\/microloannexus.com\/?p=30802"},"author":{"name":"News Room","@id":"https:\/\/microloannexus.com\/#\/schema\/person\/e2d3b62d35ac325be68540d68dc6660a"},"headline":"Home sale agreements cancelled at an alarming rate: Redfin","datePublished":"2023-10-30T19:33:56+00:00","dateModified":"2023-10-30T19:34:04+00:00","mainEntityOfPage":{"@id":"https:\/\/microloannexus.com\/?p=30802"},"wordCount":854,"commentCount":0,"publisher":{"@id":"https:\/\/microloannexus.com\/#organization"},"keywords":["Featured"],"articleSection":["Personal Finance"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/microloannexus.com\/?p=30802#respond"]}]},{"@type":"WebPage","@id":"https:\/\/microloannexus.com\/?p=30802","url":"https:\/\/microloannexus.com\/?p=30802","name":"Home sale agreements cancelled at an alarming rate: Redfin | Micro Loan Nexus","isPartOf":{"@id":"https:\/\/microloannexus.com\/#website"},"datePublished":"2023-10-30T19:33:56+00:00","dateModified":"2023-10-30T19:34:04+00:00","description":"As high home prices and rising mortgage rates weighed on the minds of would-be homebuyers, many got cold feet this summer \u2013 according to an analysis by","breadcrumb":{"@id":"https:\/\/microloannexus.com\/?p=30802#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/microloannexus.com\/?p=30802"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/microloannexus.com\/?p=30802#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/microloannexus.com\/"},{"@type":"ListItem","position":2,"name":"Home sale agreements cancelled at an alarming rate: Redfin"}]},{"@type":"WebSite","@id":"https:\/\/microloannexus.com\/#website","url":"https:\/\/microloannexus.com\/","name":"Solutions For Real","description":"Latest Finance News and Updates","publisher":{"@id":"https:\/\/microloannexus.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/microloannexus.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/microloannexus.com\/#organization","name":"Solutions For Real","url":"https:\/\/microloannexus.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/microloannexus.com\/#\/schema\/logo\/image\/","url":"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png","contentUrl":"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png","width":690,"height":64,"caption":"Solutions For Real"},"image":{"@id":"https:\/\/microloannexus.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/microloannexus.com\/#\/schema\/person\/e2d3b62d35ac325be68540d68dc6660a","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/microloannexus.com\/#\/schema\/person\/image\/","url":"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png","contentUrl":"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png","caption":"News Room"},"sameAs":["https:\/\/microloannexus.com"],"url":"https:\/\/microloannexus.com\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/posts\/30802","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/microloannexus.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=30802"}],"version-history":[{"count":1,"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/posts\/30802\/revisions"}],"predecessor-version":[{"id":30804,"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/posts\/30802\/revisions\/30804"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/media\/30803"}],"wp:attachment":[{"href":"https:\/\/microloannexus.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30802"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/microloannexus.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30802"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/microloannexus.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}