Record Home Deal Cancellations Shake US Housing Market

High prices and political uncertainty drive record cancellations and rising home supply in July.

60,000 home purchase agreements were canceled in July, the highest rate since 2017.
Housing supply surged by nearly 14% as buyers backed out of deals.
Mortgage rates have dropped but remain high, contributing to buyer hesitation.
Home prices are just below record highs, discouraging potential buyers.
Upcoming presidential election adds to economic uncertainty affecting the market.