Overview

• Redfin counts roughly 56,000 canceled contracts in August, equal to 15.1% of pending sales and the highest August share since 2017.
• National listings surpassed 2.1 million in August, leaving sellers outnumbering buyers by more than 500,000 and giving purchasers leverage to seek concessions.
• Atlanta posted the highest fallout rate at 21%, with Jacksonville, Orlando, Tampa, Las Vegas, San Antonio, Houston, Fort Worth, Fort Lauderdale, and Phoenix also elevated.
• A Redfin survey finds 70.4% of cancellations occurred during or after inspections, with 27.8% tied to failed financing and 21% to buyers unable to sell an existing home.
• Inventory has expanded and prices have dipped slightly in Florida and Texas, while Fannie Mae reports 73% of consumers say it is a bad time to buy a home.