U.S. Home Sale Cancellations Hit 14% in July as Buyers Gain Leverage
Updated
Updated · Deseret News · Aug 24
U.S. Home Sale Cancellations Hit 14% in July as Buyers Gain Leverage
3 articles · Updated · Deseret News · Aug 24
Summary
Fourteen percent of U.S. home purchase contracts fell through in July, Redfin said, the highest seasonally adjusted cancellation rate since November 2023 and up from 13.7% in June.
A near-record 51% more sellers than buyers gave house hunters more room to walk away when inspections raised issues, appraisals came in low or sellers refused concessions.
Mortgage costs also added pressure: the average 30-year fixed rate rose to 6.67% last week after dipping below 6% in late February, prompting some buyers to rethink affordability amid economic uncertainty.
Atlanta posted the highest cancellation rate among major metros at 19.8%, while Orlando ranked fifth at 18.2%; in Salt Lake County, under-contract listings were down 11% from a year earlier, signaling the same affordability strain.
With U.S. home sale cancellations hitting a three-year high, what secret negotiation tactics are buyers using to force massive seller concessions?
Why are buyers in cities like Atlanta abandoning home purchases at record rates while coastal markets remain virtually untouched by this real estate panic?
As housing inventory doubles and Sun Belt deals collapse, is the 2026 real estate market rebalancing or quietly heading toward a massive crash?