Roughly 47,000 home sale agreements fell through in April, according to a new data report from Redfin. That represents 13.4% of properties that went under contract that month and a scant decline (-0.1 percentage points) from March.
April’s cancelation rate tied with January for the lowest level of contract cancellations since September 2024. However, Redfin noted the level varied by less than half a percentage point over the last year and a half.
Contract cancelations were most common in Sun Belt markets, led by Atlanta with one in five (19.3%) agreements being torn up. Other markets with high cancelation rates were San Antonio (18.9%), Fort Worth (17.6%), Tampa (17.4%) and Phoenix (17%).
Contract cancelations are least common in San Francisco, where just 2.8% of deals fell through in April. Redfin attributed the low level to the impact of the region’s artificial intelligence sector on the housing market.
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