• Homebuyers are getting cold feet due to high housing costs and economic uncertainty. Many are convinced they’ll be able to find a home they like better because there are so many listings on the market.
• Homebuyers are most likely to walk away in Texas and Florida, and least likely in Nassau County, NY and the Bay Area.

Roughly 53,000 U.S. home-purchase agreements were canceled in October, equal to 15.1% 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 14.3% a year earlier.

This is based on a Redfin analysis of MLS pending-sales data. The data is seasonal, which is why this October is compared to past Octobers.

Home-purchase cancellations remain elevated for several reasons. High housing costs and economic uncertainty are giving some buyers cold feet. It’s also a buyer’s market, with home sellers significantly outnumbering homebuyers. This means buyers in most areas have room to negotiate and the flexibility to take their time; if they decide against one home, they will likely be able to find another one that meets their needs.

“Buyers know they have options, so if a seller isn’t willing to address a maintenance issue, the buyer will walk away,” said Tracy Edwards, a Redfin Premier real estate agent in Winston-Salem, NC. “A lot of sellers are having to adjust their expectations—some still think their home is worth more than the market will bear.”

Redfin agents recommend that sellers price reasonably from the get-go to limit the chances of their home sitting on the market and buyers getting cold feet.

San Antonio Has the Highest Rate of Home-Purchase Cancellations

San Antonio leads the nation in canceled deals, with over one in five (21%) pending home sales falling through in October. It’s followed by Fort Lauderdale, FL (20%), Fort Worth, TX (19.7%), Las Vegas (19.2%) and Jacksonville, FL (19.2%).

Texas and Florida have been building more homes than anywhere else in the country, prompting some buyers to back out of deals because they’re 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 insurance and HOA fees.

The lowest cancellation rate was in Nassau County, NY, where 4.4% of pending home sales fell through in October. Next came San Francisco (4.6%), San Jose, CA (7%), Oakland, CA (9.1%) and Montgomery County, PA (9.2%). Redfin recently reported that the Bay Area’s housing market has been heating up amid an AI boom and a return to the office.

To view the full report, including a chart and additional metro-level data, please visit: https://www.redfin.com/news/home-purchase-cancellations-october-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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251203382338/en/