15 Markets With the Most Home Sales Getting Canceled

Homebuyers are increasingly leveraging the power of a slowing market to say: “No deal.”

About 63,000 people backed out of homebuying contracts in July, according to real estate service Redfin. That figure represents approximately 16% of the homes that were under contract for sale that month and is the highest rate since April 2020 at the beginning of the COVID-19 pandemic. Redfin notes that homes that fell out of contract during July may have entered into the contract during a previous month.

Following are the metro areas where the most people are backing off their homebuying plans.

14. Oklahoma City (tie)

Pending home sales that fell out of contract in July: 22.7%

Oklahoma City was one of the hottest housing markets in 2021, with homes typically sitting on the market for barely a week. With more than 1 in 5 home sales falling through in July, that’s not the case anymore.

14. Tampa, Florida (tie)

Pending home sales that fell out of contract in July: 22.7%

Canceled deals in Tampa are giving homebuyers a lot more options to consider. During the past year, the number of homes available for purchase there has nearly doubled, as we recently noted in “10 Cities Where Home Inventory Is Rising Fast.”

13. Phoenix

Pending home sales that fell out of contract in July: 22.9%

We recently noted that Phoenix is one of “The 10 Most Popular U.S. Cities to Move To,” and all those people have to live somewhere. But they may be taking a more measured approach to homebuying now compared with a year ago, when many people across the country were waiving home inspections just to beat the competition on a sale.

12. Cape Coral, Florida

Pending home sales that fell out of contract in July: 23.3%

This popular boating city is cited in “The 25 Best Cities to Retire in Florida.” But with almost a quarter of home sale contracts falling through here in July, relocating for retirement might not be smooth sailing.

11. Port St. Lucie, Florida

Pending home sales that fell out of contract in July: 23.4%

The old saying “any port in a storm” wasn’t talking about this city. Port St. Lucie has seen an especially dramatic increase in home values since June 2021, according to Zillow. The median home value here is now just over $400,000, up 38% from a year ago.

10. Pensacola, Florida

Pending home sales that fell out of contract in July: 23.6%

If you want to live in the Sunshine State, Pensacola is one of the least-populated and most affordable places, we recently wrote. But nearly a quarter of would-be homebuyers seemed unconvinced last month that it’s worth it.

9. Atlanta

Pending home sales that fell out of contract in July: 23.7%

Atlanta tops the list of “10 Cities Where People Spend the Most on Food,” which might be one reason why homebuyers aren’t biting.

8. Deltona, Florida

Pending home sales that fell out of contract in July: 24.0%

Home values have risen nearly 31% in this central Florida market in just over a year, according to Zillow. Those inflated prices may now have some homebuyers thinking twice.

6. Palm Bay, Florida (tie)

Pending home sales that fell out of contract in July: 24.5%

Palm Bay was among “15 Cities Where Homebuyers Are Most Likely to Face Bidding Wars” earlier this year, but now 1 in 4 sales aren’t being completed. Apparently, a lot can happen in a few months, so if you’re interested in a home on Central Florida’s Atlantic Coast, consider checking back in the fall.

6. Orlando, Florida (tie)

Pending home sales that fell out of contract in July: 24.5%

The home of Disney World was also one of the most popular U.S. cities to move to in 2021, but it seems many people are having second thoughts about being neighbors with the House of Mouse. The typical home value here is more than $380,000, up nearly a third from a year ago, according to Zillow.

5. San Antonio

Pending home sales that fell out of contract in July: 25.0%

Homebuyers might have caught wind of San Antonio’s place among “The 15 Dirtiest Cities in America.” Hopefully spurned sellers in this Texas city can pick up their contracts and recycle them.

4. New Orleans

Pending home sales that fell out of contract in July: 25.9%

New Orleans has had a milder real estate market over the past year, but that’s only relatively speaking — prices are still up more than 10% since last June with the typical home value around $288,000, according to Zillow.

3. Lakeland, Florida

Pending home sales that fell out of contract in July: 26.2%

Lakeland homebuyers recently were paying a premium of as much as 53% in this overvalued market. With more home sales faltering, that figure could start coming down.

2. Las Vegas

Pending home sales that fell out of contract in July: 27.4%

The house always wins — until the spenders walk away, at least. That’s happening more frequently in Vegas homebuying than nearly anywhere else in the United States right now, according to the Redfin analysis.

1. Jacksonville, Florida

Pending home sales that fell out of contract in July: 29.3%

Jacksonville has seen a 29% jump in home values during the past year, Zillow data shows. The typical home here is worth about $311,000.

However, as we recently wrote, Jacksonville is one of “10 Markets Where Home Prices Could Plummet by 20%,” so buyers might be exerting extra patience right now.

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