The situation in the US primary and secondary housing market in August 2022

In the U.S., people are increasingly refusing to buy a housing: what is it about and for which regions is most relevant

Americans have begun cancelling home purchases at twice the rate of last year. The number of such rejections has increased in both the primary and secondary markets. 

In the United States, people are in a hurry to refuse to buy a home, even though they have already made deals with developers. Such a decision is influenced by several factors: high mortgage rates, concerns about inflation and the rising cost of living.  

While last July 7.5% of contracts were terminated, in July 2022 this number rose to 17.6% of contracts (which means 63 thousand deals). This trend is particularly typical for the following regions: Texas and the Southwest as a whole, Northern California and the Northwest. 

The secondary market has not been spared by this wave of refusals, either. Comparing the current numbers again to the previous year, the difference is as follows: 16% cancellations in 2022 versus 12.5% in 2021. The largest percentage of cancellations is in Florida. 


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