Redfin reports housing costs are frightful and economic jitters are in the air, leading some buyers to leave sellers in the lurch

Just over 53,000 home-purchase agreements nationwide were canceled in September, equal to 15% of homes that went under contract that month, according to a new report from Redfin, the real estate brokerage powered by Rocket. That’s up from 13.6% a year earlier.

Homebuyers are ghosting sellers at a higher rate in some parts of the country, mostly in Florida and Texas. In Tampa, which had September’s highest cancellation rate, 20.1% of home-purchase agreements were canceled, up from 17.7% a year earlier. Next comes San Antonio, where 19% of deals were called off, up from 16.8%. Fort Worth, Dallas, Orlando, Fort Lauderdale and Jacksonville are also among the metros where cancellations were most common in September.

Buyers are ghosting sellers at a fairly high rate nationwide, mainly because each party has different expectations for the deal and aren’t willing to compromise. That’s especially true when it comes to concessions and repairs, leading to a growing number of deals falling through.

In a market where home prices and mortgage rates are high and competition is low, buyers want the home they buy to be perfect. Sellers, for their part, want to get the price they have in mind and avoid losing money on the deal. Some sellers who bought during the pandemic may also need to sell their home for a certain price to avoid taking a loss, and are unwilling to negotiate.

“I’m seeing a lot of buyer’s remorse,” said Jo Chavez, a Redfin Premier agent in Kansas City, MO. “Buyers make an offer, then they start worrying they could have found a better deal or a better home because there are more home sellers than buyers in the market. Some other buyers are backing out because they’re concerned about job security.”

Buyers are retreating from the Sun Belt specifically because many metros in that part of the country are less appealing than they once were. The region became a migration hot spot in 2021 and 2022 for its relative affordability and warm weather, with cities like Tampa and Las Vegas leading the charge. But that boom sent prices soaring.

Now, when paired with growing climate risks, HOA fees and insurance premiums, more would-be buyers in places like coastal Florida are holding off altogether. Sun Belt states are also building more homes than anywhere else, prompting buyers to back out because they’re confident they will be able to find something else. Economic uncertainty is playing a role, too.

Most Contracts That Fall Through Do So During the Inspection Period

When neither side is willing to compromise, negotiations on home-purchase agreements often break down before closing, typically during the inspection period. Redfin agents said in a recent survey that more than 70% of the deals that fall through do so during the inspection.

It’s a buyer’s market in most of the U.S., so those who are still in the market know they have leverage. It’s common to be choosier and ask for repairs, price reductions and other concessions. When sellers push back, or when inspections reveal new issues, many buyers are walking away. A lot of today’s buyers are also eyeing homes at lower price points, which are more likely to have inspection issues.

It’s worth noting that today’s slow market—along with the uptick in canceled deals—is causing some would-be sellers to hold off on listing their home altogether.

Homebuyers Least Likely to Get Spooked in the Bay Area

San Francisco, Nassau County, NY (Long Island) and San Jose had the lowest shares of contract cancellations in September, under 7% each. Other expensive cities, including Seattle, New York and Boston are also among the 10 metros where ghosting is least common.

Many of the other cities with low shares of canceled contracts are fairly affordable, and they’re among the remaining sellers’ and balanced markets in the U.S. Those include Milwaukee, Montgomery County, PA, and Minneapolis. Limited inventory in these places makes buyers more willing to move forward once they’ve made an offer because they don’t have many other choices.

Even though deals in these 10 metros close more commonly, many saw sharp increases in cancellations over the past year, led by San Jose (+4.2 percentage points). Nashville (+4), Warren (+3.5), Virginia Beach (+3.4), and Oakland (+3.2) rounded out the top five in terms of biggest increases. Overall, contract cancellations rose in 44 of the 50 most populous U.S. metros.

This is based on a Redfin analysis of MLS pending-sales data. The data is seasonal, which is why we compare this September to past Septembers.

To view the full report, including a chart, as well as additional metro-level data and methodology, please visit:

https://www.redfin.com/news/contract-cancellations-september-2025

About Redfin

Redfin is a technology-driven real estate company with the country's most-visited real estate brokerage website. As part of Rocket Companies (NYSE: RKT), Redfin is creating an integrated homeownership platform from search to close to make the dream of homeownership more affordable and accessible for everyone. Redfin’s clients can see homes first with on-demand tours, easily apply for a home loan with Rocket Mortgage, and save thousands in fees while working with a top local agent.

You can find more information about Redfin and get the latest housing market data and research at Redfin.com/news. For more information about Rocket Companies, visit RocketCompanies.com.

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