Redfin: Home Purchase Cancellations Plateau

(San Francisco, courtesy of Jeffry Surianto/pexels.com)

Redfin, Seattle, reported 47,000 home-sale agreements fell through in April, equal to 13.4% of homes that went under contract in the month.

That’s down 0.1 percentage point from a month earlier on a seasonally adjusted basis, and is tied with January for the lowest level of contract cancellations since September 2024. However, Redfin noted, the overall level has been relatively flat for the past year and a half.

It’s currently a buyer’s market, meaning buyers may be more willing to back out during the inspection period. Redfin also flagged job security and geopolitical insecurities as affecting choices.

The landscape is moderating, though, as more sellers now understand it’s a buyer’s market and may be more willing to lower prices or offer concessions.

Atlanta saw the highest rate of home-purchase-agreement cancellations, at 19.3%. Next was San Antonio at 18.9%, Fort Worth, Texas, at 17.6%, Tampa, Fla., at 17.4%, and Phoenix at 17%. That tracks with many of the strongest buyer’s markets.

Cancellations are least common in San Francisco, at just 2.8%, followed by Nassau County, N.Y., at 3.3%, San Jose, Calif., at 6.8%, Montgomery County, Pa., at 7.5%, and New York at 7.5%. Similarly, that list features some of the biggest seller’s markets.