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Data from Redfin revealed that 47,189 contracts to purchase a home in the U.S. were canceled in July 2026, an increase of 4.7% from 45,051 cancellations over the same period last year. Cancellations accounted for 14.0% of all homes that went under contract in July 2026. A record low number of homebuyers, high home prices, and elevated mortgage rates were cited as key drivers of the increase in cancellations. Of the 50 largest metro areas, cancellation rates were highest in Atlanta, GA (19.8%), Houston, TX (19.6%), and San Antonio, TX (18.7%).
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