Buyers are flexing out of home-purchasing plans in markets that had seen the greatest run-up in prices in the past year or so: Phoenix, Tampa and Las Vegas.
Nationwide, roughly 64,000 home-purchase agreements fell through in August, equal to 15.2% of homes that went under contract that month.
The percentage hovering around 15% for the past three months is the highest level on record except for March-April 2020, when the onset of the pandemic wrecked the housing market.
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