US Homebuyers Cancel 14.5% of September Contracts as Higher Mortgage Rates Bite
Updated
Updated · Yahoo Finance · Oct 19
US Homebuyers Cancel 14.5% of September Contracts as Higher Mortgage Rates Bite
3 articles · Updated · Yahoo Finance · Oct 19
Summary
14.5% of U.S. home purchase agreements fell out of contract in September, Redfin said, the highest share on record outside the early COVID-19 months.
Higher mortgage rates are pushing buyers to rethink deals, while a softer market gives them more room to walk away over financing, inspections or simple changes of heart.
Buyer-heavy metros posted the sharpest fallout: Jacksonville, Tampa and Las Vegas all saw cancellation rates nearing 20%, far above the national average.
Strong seller's markets remain more resilient, with San Francisco reporting just 2.8% of contracts canceled, underscoring how local supply-demand conditions are shaping the housing slowdown.