Southern metros led cancellations, with Atlanta at 19.8% in July and Houston at 19.6%, reflecting some of the strongest buyer’s markets.
Nassau County, New York, posted the lowest rate at 3.5%; San Francisco at 4.1% and San Jose at 6.5%, where tighter markets reduced fallout.
Redfin says home-purchase cancellations rose in July
Redfin flagged rising U.S. home-purchase contract cancellations, with 14% of July agreements falling through, the highest since November 2023.
Buyer leverage drove the uptick, with July homebuyers at a record low, leaving 51% more sellers than buyers nationwide.
Affordability pressure kept buyers cautious as elevated mortgage rates met high prices, raising sensitivity to inspections, appraisals and concessions.
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