High costs are driving up the percentage of would-be buyers who back out of home purchase contracts across the United States, but here in Montgomery County, the real estate market is still hot, writes Grant Welker and Lisa Dukart for Philadelphia Business Journal.

A recent Redfin analysis shows that nationally, 17% of homes under contract fell through in October. This is the highest rate in the last six years.

Even higher than what was seen at the beginning of the COVID-19 pandemic.

“I’m seeing a lot of cold feet,” Eric Auciello, a Redfin sales manager, said in the report.

“Home prices are high, mortgage rates are high and insurance costs are high, and when buyers see the final number, a lot of them are backing out.”

Here in Montgomery County though, that percentage was a lot lower. Just 7.7% of the home sales in the county fell through in October.

This is the third lowest rate in the country. San Francisco had the lowest rate at 6.1%.

Read more about the real estate market in Montgomery County in Philadelphia Business Journal.

________________