Overview

• About 58,000 pending sales collapsed in July, equal to 15.3% of contracts, the highest July share in Redfin data back to 2017.
• Total listings now exceed 2 million and Redfin estimates sellers outnumber buyers by more than 500,000, increasing buyers’ negotiating power.
• Cancellation rates were highest in construction-heavy Sun Belt metros, led by San Antonio (22.7%), Fort Lauderdale (21.3%), Jacksonville (19.9%), Atlanta (19.7%) and Tampa (19.5%).
• Redfin attributes the pullback to elevated mortgage costs, steep home prices and economic-policy uncertainty that has made buyers more cautious.
• Virginia Beach recorded the largest year-over-year jump to 16.1% from 12.5%, and Redfin reports some homeowners are pulling listings rather than cutting prices.