• Approximately 53,000 U.S. home-purchase agreements fell through in October, representing 15.1% of all contracts, up from 14.3% a year earlier.
  • High housing costs, economic uncertainty, and a buyer-friendly market with more options are driving the increase, according to data from Redfin.
  • San Antonio had the highest cancellation rate among major metros at 21%, with heavy homebuilding in Texas and Florida giving buyers leverage to walk away.

In a clear sign of mounting pressure in the housing market, the rate of cancelled home-purchase agreements ticked up in October, according to new data from real estate brokerage Redfin. The firm's analysis shows that about 53,000 deals fell apart last month, accounting for 15.1% of all homes that went under contract. That's a meaningful increase from the 14.3% rate seen in October of last year.

While still below the peak levels seen during the most volatile periods of the pandemic, the uptick suggests buyers are growing increasingly skittish. The primary culprits, according to the report, are a familiar but potent mix: persistently high housing costs, broader economic uncertainty, and a subtle but important shift in market dynamics that is beginning to favor buyers in some regions.

“What we're seeing is a market where the financial commitment is giving more people pause,” said one industry analyst familiar with the data. “When combined with more inventory coming online in certain areas, it creates an environment where walking away becomes a more viable option for some buyers.”

The trend is not uniform across the country. San Antonio posted the highest cancellation rate among major metropolitan areas at 21%, a figure that underscores how local supply dynamics are influencing behavior. Markets in Texas and Florida, where homebuilding activity has been particularly heavy, are seeing buyers gain more leverage. This influx of new construction provides alternatives, enabling some purchasers to abandon existing contracts in favor of a different property or simply to retreat from the market entirely.

Efforts to reach Redfin for additional comment on the regional breakdown were not immediately successful. The company, a technology-powered brokerage, operates a hybrid model that relies on its platform data to track these market shifts in real time.

For sellers and real estate agents, the rising cancellation rate introduces fresh uncertainty into transactions that are already complex. It can mean longer marketing periods and the potential for deals to unravel late in the process, often after inspections or financing contingencies. The data indicates that the market's feverish pace, which characterized much of the last few years, continues to moderate as financial pressures mount.

Correction: An earlier version of this article misstated the year-over-year comparison for cancellation rates. The October 2025 rate was 15.1%, up from 14.3% in October 2024.