Overview
- Thirteen point seven percent of homes that went under contract in January were canceled, the highest January share in Redfin records back to 2017, based on MLS pending-sales data.
- Redfin estimates there were about 44%—roughly 600,000—more sellers than buyers last month, up from 30% a year earlier, strengthening buyer negotiating power.
- San Antonio posted the highest cancellation rate at 21.2%, followed by Atlanta at 18.5%, Cleveland at 17.9%, Riverside, California at 17.5% and Orlando, Florida at 17.3%.
- Cancellation shares were lowest in San Francisco at 3.5%, with Nassau County, New York at 4.8%, San Jose at 5.3%, Milwaukee at 7.6% and Oakland, California at 8.4%.
- Redfin and agents cite persistent affordability pressures and economic anxiety—including fears of layoffs, tariffs and geopolitical risks—as reasons more buyers, especially first-timers, are backing out.