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FLORIDA - A new study shows a record number of home purchase agreements are being canceled across the U.S., with Florida cities seeing some of the highest rates.
Redfin’s data indicates that 15% of home contracts fell through in July 2025, the highest rate for that month ever recorded.
Fort Lauderdale, Jacksonville, and Tampa ranked among the top five cities nationwide, with cancellation rates of 21.3%, 19.9%, and 19.5%, respectively.
San Antonio led with 22.7%, followed by Atlanta at 19.7%.
High home prices, elevated mortgage rates, and economic uncertainty are driving buyers to reconsider their commitments.
In Florida, rising homeowners’ insurance costs and HOA fees, spurred by frequent natural disasters, are further discouraging buyers.
Redfin notes that today’s market offers buyers more options, giving them greater negotiating power.
Many are backing out during inspections if they find issues or spot better properties.
Tampa’s 19.5% cancellation rate in 2025 is slightly lower than its 20.8% rate in 2024, suggesting a minor improvement.
The broader trend, however, points to a cautious market where buyers are less rushed and more selective.
The study aligns with industry data showing mortgage rates near 7% and persistently high home prices, making affordability a key concern.