A new data report from Redfin has found 14% of home sale agreements that went under contract in July were cancelled, up 13.7% from June. Last month’s cancellations marked the highest share in nearly three years on a seasonally adjusted basis.
Redfin noted the deals were falling through at a higher rate than in 2020-2022, when the housing environment was in a hot seller’s market. Last month, the number of homebuyers dropped to a record low, with a near-record 51% more sellers than buyers in the market.
Deals fell apart in July at the highest rate in the South. In Atlanta, 19.8% of home-purchase agreements were cancelled in July, the highest share among the 50 most populous metros with sufficient data. This was followed by Houston, where 19.6% of homebuying contracts fell through, San Antonio (18.7%), Las Vegas (18.6%) and Orlando (18.2%).
Contract cancellations were least common in New York’s Nassau County, with just 3.5% of homebuying deals falling through, followed by San Francisco (4.1%) and San Jose (6.5%).
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