Homebuyers are walking away from deals at the highest rate in nearly a year, as financial pressures and market uncertainty continue to weigh on purchasing decisions. In June alone, nearly 15% of homes under contract were canceled before closing — a significant jump and a clear sign of shifting dynamics in the housing market.
High mortgage rates, which are hovering around 7%, are one of the main drivers behind this trend. As monthly payments climb, many buyers are rethinking their ability to afford a home, even after going under contract. Paired with home prices that remain close to record highs, it’s creating a scenario where deals are being reconsidered — or abandoned entirely.
In addition to financial strain, some buyers are simply getting cold feet in a market that feels increasingly unpredictable. With more listings hitting the market and homes taking longer to sell, buyers suddenly have more leverage — and in some cases, better options.
This rise in cancellations suggests that buyers are no longer rushing into deals out of fear of missing out. Instead, they’re pausing, reassessing, and sometimes walking away altogether — a move that could signal a broader cooling of the once red-hot housing market.
