Overview

• About 58,000 deals fell through in July, 15.3% of contracts, up from 14.5% a year earlier and the highest July in data back to 2017, Redfin reported.
• Cancellations were most concentrated 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 cites elevated borrowing costs, high prices and economic uncertainty, with ample supply shifting power to buyers; listings now exceed 2 million and sellers outnumber buyers by more than 500,000.
• Agents say pandemic-era inspection waivers are surfacing costly repairs that derail resales, and some owners are pulling listings rather than cutting prices.
• Virginia Beach recorded the biggest yearly jump in cancellations to 16.1%, and the typical home spent 43 days on market in July, the longest for any July since 2015.