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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April 24, 2026 15:15 ET Economics news flow was relatively light this week even as the conflict in the Middle East continued, raising concerns for policymakers. In the U.S., spending data, initial jobless claims and pending home sales were the highlights. Business confidence in the biggest euro area economy was in focus in Europe. Inflation data from Japan gained attention in Asia.