Home prices in Newton, above, and the rest of the Boston area have kept rising, even with mortgage rates now steadily above 7%. But would-be homeowners are backing out of purchase contracts more than at any point in at least six years. Here’s where the Boston area stands.
Mortgage rates remain high, but not high enough to bring down home costs. It’s enough to cause more buyers to back out of purchase contracts than at any point in at least six years.
Nationally, 17% of homes under contract fell through in October, according to Redfin, which called that rate the highest since it began tracking the statistic in 2017.
Copyright Boston Business Journal
