{"id":81883,"date":"2025-08-21T05:30:53","date_gmt":"2025-08-21T12:30:53","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=81883"},"modified":"2025-08-20T14:18:16","modified_gmt":"2025-08-20T21:18:16","slug":"home-purchase-cancellations-july-2025","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/home-purchase-cancellations-july-2025\/","title":{"rendered":"Home Purchases Are Getting Canceled at a Record Rate"},"content":{"rendered":"<p><strong><i>15% of home purchases fell through last month\u2014the highest July rate on record\u2014as high homebuying costs made buyers skittish. Cancellations were most common in Texas and Florida.<\/i><\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Roughly 58,000 U.S. home-purchase agreements were canceled in July, equal to 15.3% of homes that went under contract last month. That\u2019s up from 14.5% a year earlier and marks the highest July rate in records dating back to 2017.<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-QzNEz\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Roughly 1 in 7 U.S. Home Purchases Fall Through\" src=\"https:\/\/datawrapper.dwcdn.net\/QzNEz\/3\/\" height=\"419\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Column Chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[\"datawrapper-height\"][t]+\"px\";r.style.height=d}}})}();\n<\/script><\/p>\n<p><span style=\"font-weight: 400;\">This is based on a Redfin analysis of MLS pending-sales data. The data are seasonal, which is why we compare this July to past Julys. Please note that homes that fell out of contract during a given month didn\u2019t necessarily go under contract the same month. For example, a home that fell out of contract in July could have gone under contract in June.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Home purchases are falling through more than usual because high prices, high mortgage rates and economic uncertainty are making buyers uneasy. Buyers also have more homes to choose from than in the past, which means they<\/span> <a href=\"https:\/\/www.redfin.com\/news\/sellers-vs-buyers-price-impact\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">hold<\/span><\/a> <span style=\"font-weight: 400;\">the negotiating power in many markets and often aren\u2019t in a rush. They may back out during the inspection period if a better home comes up for sale or they discover an issue they don\u2019t want to fix.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Cleveland <\/span><a href=\"https:\/\/www.redfin.com\/premier\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Redfin Premier<\/span><\/a><span style=\"font-weight: 400;\"> real estate agent <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/bonnie-phillips\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bonnie Phillips<\/span><\/a><span style=\"font-weight: 400;\"> said the most common reasons buyers back out of deals are cold feet, high standards and issues with inspections, and she noted that cancellations are particularly common among buyers who use <\/span><a href=\"https:\/\/www.redfin.com\/blog\/types-of-loans-for-first-time-buyers\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">FHA and VA<\/span><\/a><span style=\"font-weight: 400;\"> loans. But some would-be buyers have other reasons for backing out:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cI recently had an older first-time buyer get cold feet the week before the deal was supposed to close,\u201d Phillips said. \u201cIt was a beautiful house, we got it for the price she wanted and there were no issues in the inspection, but her neighbors convinced her that owning is too much of a hassle and she should rent instead.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s worth noting that the housing-market tides are starting to shift slightly. Mortgage rates have been <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">coming down<\/span><\/a><span style=\"font-weight: 400;\">, which could bring some sidelined buyers back to the market, and supply is also ticking down, which could increase buyer urgency.<\/span><\/p>\n<h3><b>Home Purchases Are Most Likely to Fall Through in Texas and Florida<\/b><\/h3>\n<p><span style=\"font-weight: 400;\"><br \/>\nIn <\/span><a href=\"https:\/\/www.redfin.com\/city\/16657\/TX\/San-Antonio\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">San Antonio<\/span><\/a><span style=\"font-weight: 400;\">, 730 home-purchase agreements were canceled in July, equal to 22.7% of homes that went under contract last month\u2014the highest percentage among the metros Redfin analyzed. Next came <\/span><a href=\"https:\/\/www.redfin.com\/city\/6173\/FL\/Fort-Lauderdale\"><span style=\"font-weight: 400;\">Fort Lauderdale, FL<\/span><\/a><span style=\"font-weight: 400;\"> (21.3%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/8907\/FL\/Jacksonville\"><span style=\"font-weight: 400;\">Jacksonville, FL<\/span><\/a><span style=\"font-weight: 400;\"> (19.9%), Atlanta (19.7%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/18142\/FL\/Tampa\"><span style=\"font-weight: 400;\">Tampa, FL<\/span><\/a><span style=\"font-weight: 400;\"> (19.5%). <\/span><span style=\"font-weight: 400;\">Redfin analyzed the 50 most populous metro areas, and included the 44 with sufficient data.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Florida and Texas have been <\/span><a href=\"https:\/\/public.tableau.com\/shared\/PZ5565W7Q?:display_count=y&amp;:origin=viz_share_link&amp;:embed=y\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">building<\/span><\/a><span style=\"font-weight: 400;\"> more homes than anywhere else in the country, prompting some buyers to back out of deals because they\u2019re confident they will be able to find a different home that works better for them. Some buyers in the Sunshine State are also getting cold feet due to increasing natural disasters and soaring <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-insurance-survey-report-2024\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">insurance<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.redfin.com\/news\/hoa-fees-surge-florida-2024\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">HOA<\/span><\/a><span style=\"font-weight: 400;\"> fees.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Home purchases were least likely to fall through in <\/span><a href=\"https:\/\/www.redfin.com\/county\/1974\/NY\/Nassau-County\"><span style=\"font-weight: 400;\">Nassau County, NY<\/span><\/a><span style=\"font-weight: 400;\"> (5.1%), <\/span><a href=\"https:\/\/www.redfin.com\/county\/2406\/PA\/Montgomery-County\"><span style=\"font-weight: 400;\">Montgomery County, PA<\/span><\/a><span style=\"font-weight: 400;\"> (8.2%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/35759\/WI\/Milwaukee\"><span style=\"font-weight: 400;\">Milwaukee<\/span><\/a><span style=\"font-weight: 400;\"> (8.3%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/30749\/NY\/New-York\"><span style=\"font-weight: 400;\">New York<\/span><\/a><span style=\"font-weight: 400;\"> (9.5%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/16163\/WA\/Seattle\"><span style=\"font-weight: 400;\">Seattle<\/span><\/a><span style=\"font-weight: 400;\"> (10.2%).<\/span><\/p>\n<h3><b>Virginia Beach, Newark See Biggest Upticks in Cancellations\u00a0<\/b><\/h3>\n<p><span style=\"font-weight: 400;\"><br \/>\nIn <\/span><a href=\"https:\/\/www.redfin.com\/city\/20418\/VA\/Virginia-Beach\"><span style=\"font-weight: 400;\">Virginia Beach, VA<\/span><\/a><span style=\"font-weight: 400;\">, nearly 500 home-purchase agreements were canceled in July, equal to 16.1% of homes that went under contract last month. That\u2019s up 3.6 percentage points from 12.5% a year earlier\u2014the largest increase among the metros in this analysis. Rounding out the top five are <\/span><a href=\"https:\/\/www.redfin.com\/city\/13136\/NJ\/Newark\/filter\/status=active\"><span style=\"font-weight: 400;\">Newark, NJ<\/span><\/a><span style=\"font-weight: 400;\"> (+3.3 ppts), <\/span><a href=\"https:\/\/www.redfin.com\/city\/1073\/MD\/Baltimore\/filter\/status=active\"><span style=\"font-weight: 400;\">Baltimore<\/span><\/a><span style=\"font-weight: 400;\"> (+3 ppts), <\/span><a href=\"https:\/\/www.redfin.com\/city\/16657\/TX\/San-Antonio\"><span style=\"font-weight: 400;\">San Antonio<\/span><\/a><span style=\"font-weight: 400;\"> (2.8 ppts) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/8903\/TX\/Houston\/filter\/status=active\"><span style=\"font-weight: 400;\">Houston<\/span><\/a><span style=\"font-weight: 400;\"> (2.8 ppts).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Virginia Beach has a higher share of homeowners with VA loans than any other major metro, according to a separate Redfin <\/span><a href=\"https:\/\/www.redfin.com\/news\/down-payment-dollars-falling\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">analysis<\/span><\/a><span style=\"font-weight: 400;\">, with Baltimore also near the top of the list.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Cancellations fell from a year earlier in 11 metros, with the biggest drops in <\/span><a href=\"https:\/\/www.redfin.com\/city\/14240\/AZ\/Phoenix\/filter\/status=active\"><span style=\"font-weight: 400;\">Phoenix<\/span><\/a><span style=\"font-weight: 400;\"> (-2.4 ppts), <\/span><a href=\"https:\/\/www.redfin.com\/city\/13655\/FL\/Orlando\/filter\/status=active\"><span style=\"font-weight: 400;\">Orlando, FL<\/span><\/a><span style=\"font-weight: 400;\"> (-1.4 ppts), <\/span><a href=\"https:\/\/www.redfin.com\/city\/18142\/FL\/Tampa\"><span style=\"font-weight: 400;\">Tampa<\/span><\/a><span style=\"font-weight: 400;\"> (-1.3 ppts), <\/span><a href=\"https:\/\/www.redfin.com\/city\/16409\/CA\/Sacramento\/filter\/status=active\"><span style=\"font-weight: 400;\">Sacramento, CA<\/span><\/a><span style=\"font-weight: 400;\"> (-1.3 ppts) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/15502\/PA\/Philadelphia\/filter\/status=active\"><span style=\"font-weight: 400;\">Philadelphia<\/span><\/a><span style=\"font-weight: 400;\"> (-1.2 ppts).<\/span><\/p>\n<h3><strong>Metro-Level Summary: July 2025<\/strong><\/h3>\n\n<table id=\"tablepress-477\" class=\"tablepress tablepress-id-477\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\"><strong>U.S. metro area<\/strong><\/th><th class=\"column-2\"><strong>July 2025: Pending sales that fell out of contract, as % of overall pending sales<\/strong><\/th><th class=\"column-3\"><strong>July 2024: Pending sales that fell out of contract, as % of overall pending sales<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">Anaheim, CA<\/td><td class=\"column-2\">14.3%<\/td><td class=\"column-3\">14.4%<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">Atlanta, GA<\/td><td class=\"column-2\">19.7%<\/td><td class=\"column-3\">19.6%<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">Austin, TX<\/td><td class=\"column-2\">14.5%<\/td><td class=\"column-3\">14.0%<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">Baltimore, MD<\/td><td class=\"column-2\">14.7%<\/td><td class=\"column-3\">11.7%<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">Boston, MA<\/td><td class=\"column-2\">10.6%<\/td><td class=\"column-3\">10.5%<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">Chicago, IL<\/td><td class=\"column-2\">16.0%<\/td><td class=\"column-3\">14.8%<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">Cincinnati, OH<\/td><td class=\"column-2\">13.5%<\/td><td class=\"column-3\">13.4%<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">Cleveland, OH<\/td><td class=\"column-2\">17.0%<\/td><td class=\"column-3\">14.9%<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\">Columbus, OH<\/td><td class=\"column-2\">15.5%<\/td><td class=\"column-3\">14.7%<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\">Dallas, TX<\/td><td class=\"column-2\">17.7%<\/td><td class=\"column-3\">16.9%<\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\">Denver, CO<\/td><td class=\"column-2\">17.8%<\/td><td class=\"column-3\">16.3%<\/td>\n<\/tr>\n<tr class=\"row-13\">\n\t<td class=\"column-1\">Detroit, MI<\/td><td class=\"column-2\">17.6%<\/td><td class=\"column-3\">16.5%<\/td>\n<\/tr>\n<tr class=\"row-14\">\n\t<td class=\"column-1\">Fort Lauderdale, FL<\/td><td class=\"column-2\">21.3%<\/td><td class=\"column-3\">20.0%<\/td>\n<\/tr>\n<tr class=\"row-15\">\n\t<td class=\"column-1\">Fort Worth, TX<\/td><td class=\"column-2\">18.6%<\/td><td class=\"column-3\">17.8%<\/td>\n<\/tr>\n<tr class=\"row-16\">\n\t<td class=\"column-1\">Houston, TX<\/td><td class=\"column-2\">18.1%<\/td><td class=\"column-3\">15.3%<\/td>\n<\/tr>\n<tr class=\"row-17\">\n\t<td class=\"column-1\">Indianapolis, IN<\/td><td class=\"column-2\">16.1%<\/td><td class=\"column-3\">16.2%<\/td>\n<\/tr>\n<tr class=\"row-18\">\n\t<td class=\"column-1\">Jacksonville, FL<\/td><td class=\"column-2\">19.9%<\/td><td class=\"column-3\">19.8%<\/td>\n<\/tr>\n<tr class=\"row-19\">\n\t<td class=\"column-1\">Las Vegas, NV<\/td><td class=\"column-2\">17.9%<\/td><td class=\"column-3\">18.8%<\/td>\n<\/tr>\n<tr class=\"row-20\">\n\t<td class=\"column-1\">Los Angeles, CA<\/td><td class=\"column-2\">16.5%<\/td><td class=\"column-3\">14.3%<\/td>\n<\/tr>\n<tr class=\"row-21\">\n\t<td class=\"column-1\">Miami, FL<\/td><td class=\"column-2\">17.7%<\/td><td class=\"column-3\">17.7%<\/td>\n<\/tr>\n<tr class=\"row-22\">\n\t<td class=\"column-1\">Milwaukee, WI<\/td><td class=\"column-2\">8.3%<\/td><td class=\"column-3\">7.5%<\/td>\n<\/tr>\n<tr class=\"row-23\">\n\t<td class=\"column-1\">Minneapolis, MN<\/td><td class=\"column-2\">10.9%<\/td><td class=\"column-3\">8.8%<\/td>\n<\/tr>\n<tr class=\"row-24\">\n\t<td class=\"column-1\">Montgomery County, PA<\/td><td class=\"column-2\">8.2%<\/td><td class=\"column-3\">7.5%<\/td>\n<\/tr>\n<tr class=\"row-25\">\n\t<td class=\"column-1\">Nashville, TN<\/td><td class=\"column-2\">13.7%<\/td><td class=\"column-3\">13.5%<\/td>\n<\/tr>\n<tr class=\"row-26\">\n\t<td class=\"column-1\">Nassau County, NY<\/td><td class=\"column-2\">5.1%<\/td><td class=\"column-3\">5.0%<\/td>\n<\/tr>\n<tr class=\"row-27\">\n\t<td class=\"column-1\">New Brunswick, NJ<\/td><td class=\"column-2\">11.6%<\/td><td class=\"column-3\">11.4%<\/td>\n<\/tr>\n<tr class=\"row-28\">\n\t<td class=\"column-1\">New York, NY<\/td><td class=\"column-2\">9.5%<\/td><td class=\"column-3\">9.1%<\/td>\n<\/tr>\n<tr class=\"row-29\">\n\t<td class=\"column-1\">Newark, NJ<\/td><td class=\"column-2\">10.6%<\/td><td class=\"column-3\">7.3%<\/td>\n<\/tr>\n<tr class=\"row-30\">\n\t<td class=\"column-1\">Orlando, FL<\/td><td class=\"column-2\">18.2%<\/td><td class=\"column-3\">19.6%<\/td>\n<\/tr>\n<tr class=\"row-31\">\n\t<td class=\"column-1\">Philadelphia, PA<\/td><td class=\"column-2\">11.6%<\/td><td class=\"column-3\">12.7%<\/td>\n<\/tr>\n<tr class=\"row-32\">\n\t<td class=\"column-1\">Phoenix, AZ<\/td><td class=\"column-2\">16.4%<\/td><td class=\"column-3\">18.8%<\/td>\n<\/tr>\n<tr class=\"row-33\">\n\t<td class=\"column-1\">Pittsburgh, PA<\/td><td class=\"column-2\">15.2%<\/td><td class=\"column-3\">13.4%<\/td>\n<\/tr>\n<tr class=\"row-34\">\n\t<td class=\"column-1\">Portland, OR<\/td><td class=\"column-2\">14.2%<\/td><td class=\"column-3\">15.1%<\/td>\n<\/tr>\n<tr class=\"row-35\">\n\t<td class=\"column-1\">Providence, RI<\/td><td class=\"column-2\">11.5%<\/td><td class=\"column-3\">11.7%<\/td>\n<\/tr>\n<tr class=\"row-36\">\n\t<td class=\"column-1\">Riverside, CA<\/td><td class=\"column-2\">19.5%<\/td><td class=\"column-3\">18.8%<\/td>\n<\/tr>\n<tr class=\"row-37\">\n\t<td class=\"column-1\">Sacramento, CA<\/td><td class=\"column-2\">14.3%<\/td><td class=\"column-3\">15.5%<\/td>\n<\/tr>\n<tr class=\"row-38\">\n\t<td class=\"column-1\">San Antonio, TX<\/td><td class=\"column-2\">22.7%<\/td><td class=\"column-3\">19.9%<\/td>\n<\/tr>\n<tr class=\"row-39\">\n\t<td class=\"column-1\">San Diego, CA<\/td><td class=\"column-2\">16.1%<\/td><td class=\"column-3\">14.7%<\/td>\n<\/tr>\n<tr class=\"row-40\">\n\t<td class=\"column-1\">Seattle, WA<\/td><td class=\"column-2\">10.2%<\/td><td class=\"column-3\">8.3%<\/td>\n<\/tr>\n<tr class=\"row-41\">\n\t<td class=\"column-1\">Tampa, FL<\/td><td class=\"column-2\">19.5%<\/td><td class=\"column-3\">20.8%<\/td>\n<\/tr>\n<tr class=\"row-42\">\n\t<td class=\"column-1\">Virginia Beach, VA<\/td><td class=\"column-2\">16.1%<\/td><td class=\"column-3\">12.5%<\/td>\n<\/tr>\n<tr class=\"row-43\">\n\t<td class=\"column-1\">Warren, MI<\/td><td class=\"column-2\">13.3%<\/td><td class=\"column-3\">12.2%<\/td>\n<\/tr>\n<tr class=\"row-44\">\n\t<td class=\"column-1\">Washington, D.C.<\/td><td class=\"column-2\">13.7%<\/td><td class=\"column-3\">11.5%<\/td>\n<\/tr>\n<tr class=\"row-45\">\n\t<td class=\"column-1\">West Palm Beach, FL<\/td><td class=\"column-2\">14.6%<\/td><td class=\"column-3\">15.4%<\/td>\n<\/tr>\n<tr class=\"row-46\">\n\t<td class=\"column-1\"><strong>National\u2014U.S.A.<\/strong><\/td><td class=\"column-2\"><strong>15.3%<\/strong><\/td><td class=\"column-3\"><strong>14.5%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-477 from cache -->\n","protected":false},"excerpt":{"rendered":"<p>15% of home purchases fell through last month\u2014the highest July rate on record\u2014as high homebuying costs made buyers skittish. Cancellations were most common in Texas and Florida. Roughly 58,000 U.S. home-purchase agreements were canceled in July, equal to 15.3% of homes that went under contract last month. That\u2019s up from 14.5% a year earlier and [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":81683,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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