21% Backed out of Deals in Phoenix in August - was it too hot?

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Don't people know that Phoenix can be HOT in August or is it that interest rates have jumped up?

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PHOENIX — The Phoenix metro housing market is seeing some of the nation’s highest number of homebuyers backing out of deals, along with one of the biggest declines in bidding wars, according to research from real estate platform Redfin.

The findings come in two different reports from Redfin revealing more evidence of the cooling housing market amid rising interest rates and high inflation.