Summary
More homebuyers in the U.S. are canceling home-purchase agreements. In September, 53,000 deals fell through, which is 15% of all home contracts that month. The trend is largely due to rising costs and more available homes.
Key Facts
- In September, 53,000 home-purchase agreements were canceled, which is 15% of all contracts that month.
- This number is an increase from 13.6% of deals canceled in September the previous year.
- The U.S. housing market is more favorable to buyers now than it was in 2024, with lower borrowing costs.
- Inventory of homes has increased due to new construction and more sellers entering the market.
- The national median home price in September was $435,285, a 1.7% increase from the previous year.
- Areas with high inventory, like Tampa and San Antonio, have the highest cancellation rates.
- Buyers face challenges like high costs and "payment shock," leading them to cancel agreements.
- Southern states like Florida and Texas have a lot of home listings, partly leading to more cancellations.
