10 Markets With the Most Home Sales Getting Canceled

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Homebuyer having second thoughts
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During November, there was a glimmer of light in the gloomy picture that is the current U.S. housing market.

First, the bad news: Sales fell 35.1% year over year during the course of the month, the biggest decline dating back to 2012, according to records kept by real estate service Redfin.

However, the percentage of home-purchase agreements that were canceled during November — 16.8% of all pending sales — was a slight improvement from October.

That offers some hope that a housing recovery may be on the horizon, but several markets still saw relatively large numbers of buyers get cold feet.

Following are the metro areas with the highest percentage of people backing off on their homebuying plans.

10. Riverside, California

Riverside, California
Jon Bilous / Shutterstock.com

Pending home sales that fell out of contract in November: 20%

Riverside was one of the “15 Cities With the Largest Drop in Home Sales in 2022.” As the year comes to a close, buyers are still backing out of deals in relatively big numbers.

9. Fort Worth, Texas

longhorn cattle parading through the street Fort Worth Stockyards horseback riders
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Pending home sales that fell out of contract in November: 21.3%

Everything is bigger in Texas, including the number of home-purchase cancellations in Fort Worth. If you are going to back out of a deal, you might as well choose to do so in the biggest purchase that most Americans will ever make.

8. Fort Lauderdale, Florida

Florida
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Pending home sales that fell out of contract in November: 21.9%

Broward County, where Fort Lauderdale is located, has the second-largest percentage of homes with no mortgages in the U.S., we recently reported. If these folks are among the homebuyers changing their minds, they can clearly afford to wait for a better deal.

7. Las Vegas

Homes in Las Vegas, Nevada
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Pending home sales that fell out of contract in November: 22.1%

At a casino, the house always wins — until the spenders walk away, at least. That’s happening more frequently in Vegas homebuying than nearly anywhere else in the U.S. right now, according to the Redfin analysis.

6. Dallas

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Pending home sales that fell out of contract in November: 22.7%

As with its neighbor city Fort Worth, a lot of buyers are suddenly taking a big timeout in Big D. Still, Dallas is one of the “10 Housing Markets That Are Most Likely to Keep Their Value.”

5. Houston

Houston, Texas
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Pending home sales that fell out of contract in November: 23.1%

Here’s something for Houston homebuyers sitting on the fence: The area saw 221% home price growth between 1997 and 2021, we note in “10 Housing Markets That Are Most Likely to Keep Their Value.” There is virtually no chance of prices declining by more than 5% in the next decade, at least based on historical data.

4. Tampa, Florida

Home in Tampa, Florida
Feng Cheng / Shutterstock.com

Pending home sales that fell out of contract in October: 23.8%

Canceled deals in Tampa are giving homebuyers a lot more options to consider. During the past year, the number of homes available for purchase there has nearly doubled, as we recently noted in “10 Cities Where Home Inventory Is Rising Fast.”

3. Orlando, Florida

House in Orlando, Florida
Tom Fawls / Shutterstock.com

Pending home sales that fell out of contract in November: 23.9%

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.

2. Atlanta

Atlanta, Georgia homes
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Pending home sales that fell out of contract in November: 24.5%

Atlanta tops the list of “10 Cities Where People Spend the Most on Food,” which might be one reason why homebuyers aren’t biting.

1. Jacksonville, Florida

Jacksonville homes neighborhood
Felix Mizioznikov / Shutterstock.com

Pending home sales that fell out of contract in November: 26.6%

Jacksonville finished at No. 9 among the “The Top 15 Cities for Remote Workers in 2023.” Yet, despite that allure, a lot of folks are getting cold feet in warm and sunny Florida.