In June 2025, nearly 15% of pending home sales were canceled, marking a record high, particularly in Sun Belt states like Florida and Texas. High interest rates and insurance costs contributed to this increase, as 57,000 home-purchase agreements were canceled that month, surpassing the previous year's rate. Housing inventory rose to 1.36 million, the highest since 2019, while buyer demand waned. As sellers withdraw unsold properties, the market is rebalancing, favoring buyers with greater selection and leverage in negotiations.
Just over 57,000 home-purchase agreements were canceled in June, Redfin found, which is nearly 15% of homes that went under contract that month.
High interest rates, high insurance costs, and high property taxes have also affected cancellation rates, according to Cotality.
Inventory is up- Zillow finds 1.36 million homes on the market in June, the most since late 2019-while demand has softened.
What we're seeing nationally is a market that's gradually rebalancing, with buyers gaining leverage and sellers facing a tradeoff: Adjust to the market and sell for less, or hold out and risk sitting indefinitely.
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