10 Markets With the Most Home Sales Getting Canceled

As summer ended, many shoppers began to have second thoughts about buying a home, according to real estate brokerage Redfin.

Home purchases fell through at the highest rate in nearly a year during August. Redfin says the reluctance likely was due to a combination of the highest mortgage rates in two decades and rising home prices.

In a new Redfin analysis of the 50 most populous U.S. metropolitan areas, Jaime Moore, a Redfin Premier real estate agent in Reno, Nevada, says:

“I’ve seen more homebuyers cancel deals in the last six months than I’ve seen at any point during my 24 years of working in real estate. They’re getting cold feet. Buyers get sticker shock when they see their high rate on paper alongside extra expenses for maintenance, repairs and closing costs.”

Would-be buyers canceled about 60,000 home-purchase agreements in August. That represents 15.7% of the homes that went under contract that month, Redfin says.

Some markets were hit particularly hard by cancellations. Following are the major metro areas with the highest percentages of people backing off their homebuying plans.

1. Jacksonville, Florida

Pending home sales in this metro area that fell out of contract:

• In August 2023: 26.6%
• One year prior: 24.7%

Even though home sale cancellations have risen in Jacksonville, newbie home shoppers on a budget shouldn’t get too excited. The city was recently featured in our story “It’s Now Much Harder for First-Time Buyers to Afford a Home Here.”

2. Atlanta

Pending home sales in this metro area that fell out of contract:

• In August 2023: 23.7%
• One year prior: 24.6%

Atlanta can be a great location for those seeking both opportunity and fun. In addition, Atlanta was one of the metros in our story “Americans Say These Are the Safest Big Cities in the U.S.”

3. Las Vegas

Pending home sales in this metro area that fell out of contract:

• In August 2023: 23.6%
• One year prior: 21.5%

If you are thinking of moving to Las Vegas, now might be a good time to book a trip and check out the city. Vegas is one of “10 U.S. Destinations With the Most Frequent Deals on Airfare.”

The rest of the top 10

Here are the rest of the top 10 major metro areas:

• Fort Lauderdale, Florida (23.1% of pending home sales fell out of contract in August 2023)
• Orlando, Florida (23.1%)
• San Antonio (23%)
• Tampa, Florida (22.4%)
• Fort Worth, Texas (21.7%)
• Houston (21.5%)
• Riverside, California (21.1%)

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