Trump Gets Bad Economic Sign

America’s housing market is on shaky ground. Home sales are falling apart at the highest rate in modern history, with rising mortgage costs, record-high prices, and economic uncertainty pushing more buyers to walk away at the last minute.

According to a new Redfin housing analysis, more than 58,000 home purchase agreements collapsed in July alone — equal to 15.3% of all pending sales nationwide. That’s the worst July since record-keeping began in 2017, and a clear warning sign that the market is under pressure.

Texas and Florida Face the Hardest Hit

The nation’s two hottest housing markets during the pandemic are now seeing the sharpest slowdown.

• San Antonio, Texas: 22.7% of contracts canceled
• Fort Lauderdale, Florida: 21.3% canceled
• Jacksonville, Florida: 19.9% canceled
• Atlanta, Georgia: 19.7% canceled

“In markets such as West Palm Beach and Fort Lauderdale, properties are now taking over 90 days to sell — almost quadruple the pace of 2022, when homes typically sold in just 24 days.”

Why Buyers Now Have the Upper Hand

For the first time in nearly a decade, buyers are regaining leverage.

• Homes are spending an average of 43 days on the market, the slowest July since 2015.
• Sellers are cutting prices and making concessions just to close deals.
• Inventory in states like Florida and Texas has surged, giving buyers more options to walk away.

Where Sales Are Holding Strong

Not every region is cooling. Some markets remain stable thanks to relative affordability:

• Nassau County, NY: Just 5.1% of deals fell through
• Montgomery County, PA: 8.2% canceled
• Milwaukee, WI: 8.3% canceled

Northeast and Midwest metros like New York City, Boston, and Milwaukee are still seeing stronger follow-through on sales compared to the Sunbelt.

Mortgage Rates Remain the Biggest Roadblock

Rates have slipped slightly to 6.58%, down from 6.75% in July, but experts say it’s not enough. “Shark Tank” star Kevin O’Leary argues that 5.5% is the magic number needed to bring buyers back.

However, with the Federal Reserve treading cautiously in response to President Trump’s tariffs, major relief on borrowing costs isn’t expected soon. That means the housing slowdown may linger well into next year.

🚨 Bottom Line for Homeowners & Retirees

• Home sales are collapsing at record pace.
• Florida and Texas are ground zero for the slowdown.
• Buyers now hold the power, forcing sellers to slash prices.
• Mortgage relief likely won’t come until rates dip closer to 5.5%.

For Americans — especially retirees relying on home values and fixed income — this housing shift is a wake-up call.