Data: Redfin analysis of MLS data; Chart: Axios Visuals
Elon Musk isn't alone in trying to back out of a deal. Nearly 15% of pending home sales failed to close in June, a new post-pandemic high according to an analysis of MLS data that Redfin released Monday.
Why it matters: This is a sign of how fast the housing market adjusted to the surge in mortgage rates that started in March — and it signals the beginning of a return to sanity from the boom, with the balance of power shifting back to homebuyers. Prices are likely to cool somewhat.
