Nationwide, 14% of home-sale agreements that went under contract in July fell through–the highest share in nearly three years on a seasonally adjusted basis and up from 13.7% a month earlier.  

While the rate of contract cancellations reached a nearly three-year high in July, the increase from months and years past is small. The share of U.S. homebuying deals that have fallen through has posted small swings, from about 13% to about 14%, for the last four years. Deals are falling through at a higher rate than in 2020-2022, when the U.S. was in a hot seller’s market.