Americans are canceling deals to buy homes at the highest rate since the start of the Covid pandemic. Pending home sales on existing homes canceled in June 2022, was just under 15% of all homes that went under contract, according to a new report from Redfin,Inc. That goes for Homebuilders and new construction which is also seeing higher cancelation rates than past years. Many experts blame higher mortgage rates and surging inflation as likely causing many potential homebuyers to reconsider their purchases.