House hunters have the upper hand, enabling them to desert offers over cost, repairs or doubts. Cancellations are most typical in Tampa and San Antonio, where there are approximately twice as numerous sellers as buyers.
More than 42,000 U.S. home-sale contracts failed in February, equal to 13.7% of homes that went under contract that month. That’s up from 12.8% a year previously, and the highest February share in records dating back to 2017.
This is based on a Redfin analysis of MLS pending-sales data. The information is seasonal; usually, there’s a higher share of cancellations at the end of the year and a lower share in the spring. That’s why we compare this February to previous Februarys. Please note: Residence that fell out of contract during a given month didn’t necessarily go under agreement that exact same month. This data goes through revision.
Almost among every 7 homebuying offers are failing largely due to the fact that purchasers are in the driver’s seat. There are hundreds of thousands more home sellers than purchasers in the country, a near-record gap that provides purchasers alternatives and working out power. A buyer might revoke an agreement throughout the inspection duration if they see a home they like better or a problem shows up that they don’t want to repair– or they might simply change their mind, positive that there are a great deal of other homes on the marketplace that fit their criteria.
“Homes are falling out of contract left and right,” said Juan Castro, a Redfin Premier agent in Orlando. “In some cases buyers make a deal however never send the deposit because they get worried, in some cases they review numbers with lenders and do not feel comfy with the month-to-month payments, and other times they use a small examination concern as a reason to back out. I’m also seeing purchasers negotiate aggressively– for example, possibly they request for a brand-new roofing due to the fact that 3 shingles are missing on an otherwise perfectly great roofing– then cancel the deal if the seller says no.”
House hunters are likewise feeling jittery due to the fact that of financial and geopolitical uncertainty. Numerous Americans are concerned about job security, inflation, the Iran war, and other world events that can make their finances feel shaky. Those things are likewise causing mortgage-rate volatility; some buyers who made an offer when rates were near a four-year low in February might have unexpectedly dealt with a greater rate when it came time to lock it in.
Contract Cancellations Are The Majority Of Typical in Tampa, San Antonio and Other Big-Time Buyer’s Markets
In Tampa, FL, 18.1% of home-purchase contracts were canceled in February, the highest share of the 47 significant U.S. metros Redfin evaluated. It’s followed by four other southern cities: San Antonio (17.9%), Atlanta (17.9%), Jacksonville, FL (17.5%) and Fort Worth, TX (17.3%).
All 5 of those are purchaser’s markets. In Tampa, for example, there are 84% more home sellers than purchasers, and in San Antonio there are more than twice as lots of sellers as buyers. That allows purchasers to revoke one offer and fairly quickly proceed to the next one.
On the flip side, agreement cancellations are least typical in the Bay Area. In San Francisco, simply 3.7% of deals fell through in February, the lowest share among the metros. Next come Nassau County, NY (4.5%), San Jose, CA (5.4%), Milwaukee (7.5%) and Oakland, CA (7.7%).
Nassau County and Milwaukee are two of just five seller’s markets in the U.S.; purchasers in those places are rarely backing out due to the fact that if they do, they might not discover another home quickly.
Cancellations Increased Most in Southern California
Contract cancellations rose most in Los Angeles, to 15% in February from 12.1% a year earlier. Next come Virginia Beach, VA, where 14.7% of contracts were cancelled, up from 11.9%, and Boston (10.8%, up from 8.2%).
Riverside, CA (16.9%, up from 14.4%) and Baltimore (13.3%, up from 10.9%) round out the leading 5.
| Metro-Level Summary: Canceled Home-Purchase Agreements, February 2026
47 of the most populous U.S. city areas Redfin examine the 50 most populated U.S. cities and included the 47 with sufficient information |
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| U.S. metro area | Feb. 2026: Pending sales that fell out of contract, as % of overall pending sales | Feb. 2025: Pending sales that fell out of contract, as % of overall pending sales |
| Anaheim, CA | 12.4 % | 12.4% |
| Atlanta, GA | 17.9% | 16.1% |
| Austin, TX | 13.3% | 12.2% |
| Baltimore, MD | 13.3% | 10.9% |
| Boston, MA | 10.8% | 8.2% |
| Chicago, IL | 12.6% | 12.3% |
| Cincinnati, OH | 11.3% | 13.2% |
| Cleveland, OH | 16.4% | 16.2% |
| Columbus, OH | 16.5% | 14.4% |
| Dallas, TX | 15.5% | 13.6 % |
| Denver, CO | 14.5% | 14.8% |
| Detroit, MI | 16.6% | 15.8% |
| Fort Lauderdale, FL | 17.1% | 15.4% |
| Fort Worth, TX | 17.3% | 15.8 % |
| Houston, TX | 15.4% | 13.4% |
| Indianapolis, IN | 12.8% | 13.6% |
| Jacksonville, FL | 17.5% | 16.3% |
| Las Vegas, NV | 16.3% | 14.8% |
| Los Angeles, CA | 15.0% | 12.1 % |
| Miami, FL | 14.1% | 12.9% |
| Milwaukee, WI | 7.5% | 8.8% |
| Minneapolis, MN | 9.5% | 8.1% |
| Montgomery County, PA | 8.6% | 6.4% |
| Nashville, TN | 13.1% | 10.8% |
| Nassau County, NY | 4.5% | 4.0% |
| New Brunswick, NJ | 11.3% | 10.5% |
| New York City, NY | 7.9% | 8.6% |
| Newark, NJ | 8.7% | 8.7% |
| Oakland, CA | 7.7% | 7.0 % |
| Orlando, FL | 17.0% | 16.1% |
| Philadelphia, PA | 11.9% | 11.8% |
| Phoenix, AZ | 16.7% | 15.8% |
| Pittsburgh, PA | 12.7% | 12.2% |
| Portland, OR | 14.8% | 15.4% |
| Providence, RI | 12.5% | 11.1% |
| Riverside, CA | 16.9% | 14.4 % |
| Sacramento, CA | 12.8% | 12.9% |
| San Antonio, TX | 17.9% | 17.0% |
| San Diego, CA | 13.8% | 12.0% |
| San Francisco, CA | 3.7% | 3.3% |
| San Jose, CA | 5.4% | 3.7% |
| Seattle, WA | 9.3% | 8.0% |
| Tampa, FL | 18.1% | 16.2 % |
| Virginia Beach, VA | 14.7% | 11.9% |
| Warren, MI | 12.7% | 11.3 % |
| Washington, DC | 11.4% | 10.9% |
| West Palm Beach, FL | 13.2% | 10.9% |
| National– U.S.A. | 13.7% | 12.8% |