10 Markets With the Most Home Sales Getting Canceled

Older couple negotiating a home or mortgage deal
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Temperatures are rising, but the housing market seems to be cooling off.

About 60,000 people backed out of homebuying contracts in June, according to real estate service Redfin. That figure represents almost 15% of the homes that went under contract for sale that month and is the highest rate since the beginning of the COVID-19 pandemic.

Following are the metro areas where the most people are backing off homebuying, a list that includes several ties.

10. Crestview, Florida

Crestview, Florida
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Pending home sales that fell out of contract in June: 23.5%

The typical home value in this region of the Florida Panhandle is around $300,000, up 26% over the past year, according to Zillow. With mortgage rates rising again, perhaps people here are less interested in buying at those prices.

Or maybe they have better things to do with their money. Crestview was one of “10 Places Where Residents Are Investing More” last year.

8. Phoenix (tie)

Phoenix, Arizona
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Pending home sales that fell out of contract in June: 24.5%

We recently noted that Phoenix is one of “The 10 Most Popular U.S. Cities to Move To,” and all those people have to live somewhere. But they may be taking a more measured approach to homebuying now compared with a year ago, when many people across the country were waiving home inspections just to beat the competition.

8. Orlando, Florida (tie)

House in Orlando, Florida
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Pending home sales that fell out of contract in June: 24.5%

The home of Disney World was also one of the most popular U.S. cities to move to in 2021, but it seems many people are having second thoughts about being neighbors with the House of Mouse. The typical home value here is more than $380,000, up nearly a third from a year ago, according to Zillow.

7. Palm Bay, Florida

Palm Bay, Florida
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Pending home sales that fell out of contract in June: 24.9%

Palm Bay was among “15 Cities Where Homebuyers Are Most Likely to Face Bidding Wars” earlier this year, but now 1 in 4 sales aren’t being completed. Apparently, a lot can happen in a few months, so if you’re interested in a home on Central Florida’s Atlantic Coast, consider checking back in the fall.

5. New Orleans (tie)

Homes in New Orleans, Louisiana
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Pending home sales that fell out of contract in June: 25.3%

New Orleans has had a milder real estate market over the past year, but that’s only relatively speaking — it’s still up almost 11% over the past year, with the typical home value around $285,000, according to Zillow.

5. Jacksonville, Florida (tie)

Jacksonville homes neighborhood
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Pending home sales that fell out of contract in June: 25.3%

Jacksonville, meanwhile, has seen a 30.5% jump in the typical home value over the past year, Zillow data shows. The typical home here is worth about $308,000.

However, as we recently wrote, Jacksonville is one of “10 Markets Where Home Prices Could Plummet by 20%.”

3. Port St. Lucie, Florida (tie)

Port St Lucie Florida
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Pending home sales that fell out of contract in June: 25.7%

The fifth — but not final — Florida city on the list has seen an especially dramatic increase in home values since June 2021, according to Zillow. The median home value here is now just over $400,000, up about about 40% from a year ago.

3. Cape Coral, Florida (tie)

Cape Coral, Florida
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Pending home sales that fell out of contract in June: 25.7%

This popular boating city is cited in “The 25 Best Cities to Retire in Florida.” But with a quarter of home sale contracts falling through here in June, relocating for retirement might not be smooth sailing.

2. Lakeland, Florida

Lakeland, Florida
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Pending home sales that fell out of contract in June: 26.7%

Lakeland homebuyers recently were paying a premium of as much as 53% in this overvalued market. With more home sales faltering, that figure could start coming down.

1. Las Vegas

Homes in Las Vegas, Nevada
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Pending home sales that fell out of contract in June: 27.2%

The house always wins — until the spenders walk away, at least. That’s happening more frequently in Vegas than anywhere else in the United States right now, according to the Redfin analysis.

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