A surging wave of home-sale cancellations is tilting the balance in the housing market from sellers to buyers. In June 2025, nearly 15% of pending home sales fell through, per Redfin, a record high for June data stretching back to 2017. The contract cancellations are concentrated in the Sun Belt states like Florida and Texas that have powered housing since the pandemic housing boom. The consequences of contract cancellations reach beyond individual buyers and sellers to builders, agents, and the broader economy.
Just over 57,000 home-purchase agreements were canceled in June, Redfin found, which is nearly 15% of homes that went under contract that month. This cancellation rate is up from 13.9% the previous June. The trend is evident nationwide, but especially pronounced in Sun Belt cities including Jacksonville, Florida, Las Vegas, and Atlanta, which are recording cancellation rates near or above 20%. High interest rates, high insurance costs, and high property taxes have also affected cancellation rates, according to Cotality (formerly CoreLogic).
