Homebuyers are walking away from agreements at the fastest pace in nearly a decade, a sign that high costs, rising inventory and economic uncertainty are reshaping the U.S. housing market, CNBC writes.
In December, more than 40,000 signed purchase agreements were canceled, representing 16.3% of homes that went under contract—the highest share since Redfin began tracking the data in 2017.
The imbalance between sellers and buyers is widening, with roughly 47% more sellers than buyers in the market, giving buyers more leverage and making them more selective. Metro areas such as Atlanta, San Antonio, and Jacksonville, Florida, posted some of the highest cancellation rates, while major coastal markets saw fewer pullbacks.
With pending home sales already down sharply, analysts warn that closed sales in early 2026 could weaken further. The surge in cancellations highlights growing pressure on affordability and signals a potentially softer housing market ahead.
