Housing supply is surging as a record number of buyers get cold feet amid sky-high prices, Redfin says

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• US housing supply rose a record 14% in July, according to data from Redfin.
• A record number of buyers backed out of purchase deals in July due to high costs and economic worries.
• Still, home prices are just 0.7% below a record high.

Homebuyers in the US are getting cold feet as prices remain elevated, backing out of deals at a record rate and pushing up the supply of available homes.

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