In July, a record 60,000 home deals were cancelled, driven by high prices and fears surrounding the upcoming U.S. presidential election. This mass exodus from the housing market comes despite a slight rise in existing home sales, which still remain at their lowest July level on record since 2012.
With the median sale price of homes increasing by 4.1% year over year to $439,170, many potential buyers are holding off, waiting to see if interest rates will drop further or if political shifts will impact the market. According to Redfin, the rise in supply by 14% offers more options and negotiating power to buyers in this uncertain climate.
Nicole Stewart, a Redfin agent, noted that while political concerns are prevalent, the outcome of the election may not significantly influence the housing market.
