Homebuyers got cold feet in large numbers during April.
About 56,000 U.S. home-purchase agreements in the 50 most populous U.S. markets were canceled during the month, according to Redfin.
That’s a national average of about 14.3% of all homes that went under contract in April. Redfin notes that it was the second-highest cancellation rate for an April on record, topped only by April 2020, when the COVID-19 pandemic was underway.
Redfin says homebuyers are pulling back due to economic uncertainty, sticker shock over climbing prices and high mortgage rates, and the fact that surging inventory levels are allowing buyers to be choosier and more patient.
Some markets were hit particularly hard by cancellations in April. Following are the major metro areas with the highest percentages of people backing out of their homebuying plans.
1. Atlanta, GA
Pending home sales in this metro area that fell out of contract:
- In April 2025: 20.0%
- One year prior: 17.6%
Not only are home sales falling through in Atlanta, but home sellers have also had to lower their asking price this year. Redfin reported that in February, 68% of homes in the metro sold below their original listing price. In May 2022, that number was just 25.8%.
2. Orlando, FL
Pending home sales in this metro area that fell out of contract:
- In April 2025: 19.4%
- One year prior: 19.6%
Canceled home sales in Orlando should not surprise anyone who has kept a close eye on the Florida housing market. Fewer people are moving to the Sunshine State, and high prices and inventory levels have spooked many would-be buyers.
In fact, some are openly wondering if the Florida housing market is about to crash as it did in 2008.
3. Tampa, FL
Pending home sales in this metro area that fell out of contract:
- In April 2025: 19.1%
- One year prior: 19.3%
Tampa is another formerly red-hot housing market that has cooled considerably. Sales are flat — and down 20% since 2022, according to the Tampa Bay Times.
Michael Wyckoff, managing broker of Engel & Volkers Madeira Beach, told the Times:
“People were getting used to making huge profits on their houses in a short period of time. That’s slowing down.”
Other metros with high cancellation rates
Here are the rest of the top metro areas where the cancellation rate exceeds the national average, with the rates from April 2025 and one year prior:
- Riverside, CA: 19.1%, 16.9%
- Miami, FL: 18.9%, 16.5%
- Fort Lauderdale, FL: 18.9%, 18.6%
- Fort Worth, TX: 18.7%, 16.8%
- Las Vegas, NV: 18.6%, 18.2%
- Jacksonville, FL: 18.4%, 19.7%
- San Antonio, TX: 18.2%, 17.8%
- Phoenix, AZ: 18.0%, 17.2%
- San Diego, CA: 17.3%, 15.1%
- Houston, TX: 17.0%, 15.3%
- Los Angeles, CA: 16.9%, 14.3%
- Denver, CO: 16.4%, 14.9%
- Sacramento, CA: 16.3%, 14.6%
- Dallas, TX: 16.3%, 16.4%
- Anaheim, CA: 15.7%, 12.6%
- West Palm Beach, FL: 15.3%, 15.7%
- Cleveland, OH: 15.3%, 15.9%
- Portland, OR: 14.5%, 15.6%
- Nashville, TN: 14.5%, 11.9%
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