Cold Feet: Homebuyers Backed Out of Deals at a Record Rate in June
Redfin reports a record-high rate of home purchase cancellations in June 2024, with nearly 56,000 deals falling through, equal to 14.9% of homes under contract. This trend is attributed to high housing costs, with the median home sale price reaching a record $442,525, up 4% year-over-year. Despite a slight decrease in mortgage rates to 6.92%, they remain more than double the pandemic-era lows.
Key highlights include:
- Florida metros led in cancellations, with Orlando at 20.8%
- 19.8% of homes for sale had price cuts, the highest June rate on record
- Home sales fell 0.5% month-over-month, the largest decline since October 2023
- Active listings increased 12.8% year-over-year, the largest annual gain on record
Redfin riporta un tasso record di cancellazioni di acquisto di case a giugno 2024, con quasi 56.000 contratti annullati, pari al 14,9% delle case sotto contratto. Questa tendenza è attribuita ai costi abitativi elevati, con il prezzo medio di vendita delle case che ha raggiunto un record di 442.525 dollari, in aumento del 4% rispetto all'anno precedente. Nonostante una leggera diminuzione dei tassi ipotecari al 6,92%, rimangono più del doppio rispetto ai minimi dell'era pandemica.
I punti salienti includono:
- Le aree metropolitane della Florida hanno guidato le cancellazioni, con Orlando al 20,8%
- Il 19,8% delle case in vendita ha subito riduzioni di prezzo, il tasso più alto registrato a giugno
- Le vendite di case sono diminuite dello 0,5% rispetto al mese precedente, la contrazione più grande da ottobre 2023
- Le inserzioni attive sono aumentate del 12,8% su base annua, il maggiore guadagno annuale registrato
Redfin informa sobre un récord histórico en las cancelaciones de compra de casas en junio de 2024, con casi 56,000 tratos fallidos, lo que equivale al 14.9% de las casas bajo contrato. Esta tendencia se atribuye a los altos costos de vivienda, con el precio medio de venta de las casas alcanzando un récord de $442,525, un aumento del 4% interanual. A pesar de una ligera disminución en las tasas hipotecarias al 6.92%, siguen siendo más del doble de los mínimos de la era pandémica.
Los puntos destacados incluyen:
- Las áreas metropolitanas de Florida lideraron las cancelaciones, con Orlando en un 20.8%
- El 19.8% de las casas en venta tuvieron recortes de precios, la tasa más alta en junio registrada
- Las ventas de casas cayeron un 0.5% mes a mes, la mayor caída desde octubre de 2023
- Las listas activas aumentaron un 12.8% interanual, el mayor incremento anual registrado
레드핀은 2024년 6월 주택 구매 취소율이 사상 최고치를 기록했으며, 56,000건의 거래가 취소되었고 이는 계약 중인 주택의 14.9%에 해당한다고 보고합니다. 이러한 추세는 높은 주택 비용에 기인하며, 주택 판매 가격의 중간값이 442,525달러에 도달하여 전년 대비 4% 증가했습니다. 모기지 금리가 6.92%로 소폭 하락했지만, 여전히 팬데믹 이전 최저의 두 배 이상입니다.
주요 하이라이트는:
- 플로리다 대도시가 취소에서 선두를 차지했으며, 올랜도가 20.8%에 달했습니다.
- 판매 중인 주택의 19.8%가 가격 인하를 경험했으며, 이는 6월 기록 중 가장 높은 비율입니다.
- 주택 판매는 전월 대비 0.5% 감소하여 2023년 10월 이후 가장 큰 감소를 보였습니다.
- 활성 리스트는 연간 12.8% 증가하였으며, 이는 기록적인 연간 증가율입니다.
Redfin rapporte un taux record de cancellations d'achats de logements en juin 2024, avec près de 56 000 transactions annulées, ce qui représente 14,9 % des maisons sous contrat. Cette tendance est attribuée à des coûts de logement élevés, le prix médian de vente des maisons atteignant un record de 442 525 $, soit une augmentation de 4 % par rapport à l'année précédente. Malgré une légère baisse des taux hypothécaires à 6,92 %, ceux-ci restent plus du double des niveaux bas de l'ère pandémique.
Les points clés incluent :
- Les métropoles de Floride en tête des annulations, avec Orlando à 20,8 %
- 19,8 % des maisons à vendre ont subi des baisses de prix, le taux le plus élevé jamais enregistré en juin
- Les ventes de maisons ont baissé de 0,5 % par rapport au mois précédent, la plus forte baisse depuis octobre 2023
- Les annonces actives ont augmenté de 12,8 % d'une année sur l'autre, le plus grand gain annuel jamais enregistré
Redfin berichtet von einer Rekordhöhe an Stornierungen von Immobilienkäufen im Juni 2024, mit fast 56.000 geschlossenen Geschäften, was 14,9% der unter Vertrag stehenden Immobilien entspricht. Dieser Trend wird auf die hohen Wohnkosten zurückgeführt, da der mediane Verkaufs Preis für Häuser einen Rekord von 442.525 Dollar erreicht hat, was einem Anstieg von 4% im Vergleich zum Vorjahr entspricht. Trotz eines leichten Rückgangs der Hypothekenzinsen auf 6,92% bleiben diese mehr als doppelt so hoch wie zu den Tiefstständen während der Pandemie.
Die wichtigsten Highlights sind:
- Die Metropolregionen in Florida führten die Stornierungen an, wobei Orlando bei 20,8% lag
- 19,8% der zum Verkauf stehenden Häuser hatten Preisnachlässe, die höchste Juni-Rate aller Zeiten
- Die Hausverkäufe sanken im Vergleich zum Vormonat um 0,5%, der größte Rückgang seit Oktober 2023
- Aktive Angebote stiegen im Jahresvergleich um 12,8%, das größte jährliche Wachstum, das je registriert wurde
- Median home sale price increased 4% year-over-year to a record $442,525
- Total homes for sale (active listings) increased 12.8% year-over-year
- Average sale-to-final-list-price ratio remained steady at 99.9%
- Home purchase cancellations reached a record high of 14.9% in June
- Home sales declined 0.5% month-over-month and 1.1% year-over-year
- 19.8% of homes for sale had price cuts, the highest June rate on record
- Median days on market increased to 32, up 3 days from the previous year
- Share of homes sold above final list price decreased by 4.5 percentage points year-over-year
Insights
The report from Redfin indicates a significant shift in the housing market, marked by a record number of home-purchase cancellations in June. This trend is important for investors to monitor because it indicates underlying economic challenges and buyer sentiment. The high cancellation rate (14.9%) highlights the impact of rising home prices and mortgage rates on consumer behavior. With median home prices at $442,525 and mortgage rates at 6.92%, affordability is a key issue. Potential investors should be cautious as these factors could signal a slowdown in the housing market, affecting related sectors like construction and home improvement.
From a real estate market perspective, the increase in home-purchase cancellations and price drops suggests a cooling market. The fact that nearly 20% of homes had their prices reduced is indicative of sellers struggling to meet buyer expectations in an increasingly unaffordable market. This could lead to a greater inventory buildup, as seen with the 12.8% increase in active listings year-over-year. Investors in this sector should be aware of potential downward pressure on home prices and be prepared for a possibly prolonged period of market adjustment.
The broader economic implications of this data are significant. High mortgage rates and increased housing costs are limiting buyer ability to commit, which could slow down overall economic growth. Housing is a critical component of the economy and reduced home sales can lead to lower spending on home-related goods and services. The uneven impact across different metropolitan areas—like the sharp rise in cancellations in Florida metros—also suggests regional economic disparities that could affect local economies differently. Investors should consider these factors when making decisions about real estate investments or related sectors.
Redfin reports about 56,000 home purchases were canceled, equal to
House hunters are having trouble committing because buying a home is more expensive than ever. The median home sale price rose
“Buyers are getting more and more selective,” said Julie Zubiate, a Redfin Premier real estate agent in the
June 2024 Housing Market Highlights:
|
June 2024 |
Month-over-month change |
Year-over-year change |
Median sale price |
|
|
|
Homes sold, seasonally adjusted |
417,179 |
- |
- |
Total homes for sale, seasonally adjusted (active listings) |
1,636,110 |
- |
|
Months of supply |
2.6 |
0.2 |
0.7 |
Median days on market |
32 |
1 |
3 |
Share of for-sale homes with a price drop |
|
1.7 ppts |
5.4 ppts |
Share of homes sold above final list price |
|
0.0 ppts |
-4.5 ppts |
Average sale-to-final-list-price ratio |
|
0.1 ppts |
-0.4 ppts |
Pending sales that fell out of contract, as % of overall pending sales |
|
0.3 ppts |
0.2 ppts |
|
-0.14 ppts |
0.21 ppts |
Three Florida Metros Led the Nation in Home-Purchase Cancellations
In
“We’re seeing nightmare scenarios where deals are getting canceled at the last minute for the most minute reasons,” said Rafael Corrales, a Redfin Premier agent in
Nearly 1 in 5 Sellers Dropped Their Asking Price as Homes Sat on the Market—the Highest June Rate on Record
Roughly one in five (
Some sellers are reducing their prices because their homes are sitting on the market and getting stale—the result of an ongoing affordability crisis impacting buyers. The typical home that sold in June spent 32 days on the market, the longest of any June since 2020. That’s up three days from a year earlier—the biggest annual increase since last summer. Listings are piling up as a result; active listings, or the total number of homes for sale, were little changed from a month earlier but jumped
Home sales fell
Sales are sluggish because many Americans can’t afford to buy homes. While mortgage rates ticked down in June (and have fallen further this month), some buyers are waiting on the sidelines in hopes that they’ll drop even more. But those buyers may be waiting in vain, said Redfin Economics Research Lead Chen Zhao, as rates are unlikely to fall much in the next few months, and markets have already priced in a September rate cut.
Metro-Level Highlights: June 2024
-
Prices: Median sale prices rose most from a year earlier in
Anaheim, CA (13.2% )Newark, NJ (12.6% ) andNassau County, NY (12% ). They fell in four metros, all of which are inTexas :Austin (-5.5% ),Dallas (-1.6% ),San Antonio (-1.3% ) andFort Worth (-0.2% ). -
Price cuts: In Indianapolis,
49.2% of listings had a price drop—a higher share than any other metro Redfin analyzed. Next cameDenver (46.6% ) andTampa (43% ). The lowest shares were inNewark (15.2% ),Chicago (16.3% ) andMilwaukee (17% ). -
Active listings: Active listings rose most in
Tampa (47% ),Fort Lauderdale, FL (45.3% ) andOrlando (41.4% ). They fell most inChicago (-7.4% ),New Brunswick, NJ (-7% ),Chicago (-7.3% ) andNew York (-5.8% ). -
Closed home sales: Home sales rose in just one metro:
San Jose, CA (1.8% ). They fell least inPortland, OR (-3.2% ),Oakland, CA (-3.7% ) andSan Diego (-5% ), and fell most inWest Palm Beach, FL (-23.5% ),Fort Lauderdale (-23% ) andVirginia Beach, VA (-17.7% ). -
Sold above list price: In San Jose,
72.1% of homes sold above their final list price, the highest share among the metros Redfin analyzed. Next cameNewark (71.7% ) andOakland (63.1% ). The shares were lowest inWest Palm Beach (7.3% ),Miami (11.4% ) andFort Lauderdale (12.3% ).
To view the full report, including charts, please visit:
https://www.redfin.com/news/home-purchase-cancellations-june-2024
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix it up to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240723716832/en/
Contact Redfin
Redfin Journalist Services:
Ally Braun, 206-588-6863
press@redfin.com
Source: Redfin
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