➋ Housing cancellations rise: Almost 60,000 home sales fell through in June as higher mortgage rates forced some buyers to abandon home purchases. The cancellation volume was nearly 15% of total contracted transactions in June and the highest percentage since April 2020. At the height of the housing boom in June 2021, canceled transactions were roughly 11% of contracts.
Titan’s Takeaway: The once-unstoppable housing market is finally showing some cracks as it weathers high inflation and a rising rate environment. In our eyes, until the labor and housing market cool significantly, the Fed will continue its tightening monetary policy.
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