Shares of Redfin Corporation (RDFN) are down more than 9% Monday morning at $8.61.
The residential real estate brokerage said about 60,000 home-purchase agreements or 14.9% of homes that went under contract in June fell through. The company said this is the highest percentage since March and April 2020.
“The slowdown in housing-market competition is giving homebuyers room to negotiate, which is one reason more of them are backing out of deals. Rising mortgage rates are also forcing some buyers to cancel home purchases,” said Redfin Deputy Chief Economist Taylor Marr.
RDFN has traded in the range of $7.13-$63.64 in the past 52 weeks.
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