In September, more than 53,000 home-purchase agreements were canceled — representing 15% of all homes under contract, according to Redfin data released Wednesday. This marks nearly a 14% increase from the same time last year.
### Markets with Highest Cancellation Rates
The housing markets with the highest percentage of pending sales that fell out of contract include:
– Minneapolis (11%)
– Boston (10%)
– New York City (9.6%)
– Seattle (9.5%)
– Montgomery County, Pa. (9.2%)
### Why Are Buyers Ghosting Sellers?
Buyers are increasingly backing out of contracts because, given high home prices and mortgage rates, they expect homes to be near-perfect before committing to a purchase. According to Redfin, this cautious approach is becoming more common.
Jo Chavez, a Redfin Premier agent in Kansas City, Mo., shared in a statement that he’s witnessing “a lot of buyer’s remorse.” He explained, “Buyers make an offer, then they start worrying they could have found a better deal or a better home because there are more home sellers than buyers in the market.” Chavez also noted that some buyers are withdrawing due to concerns about job security.
### Economic Anxiety Weighs Heavily
Americans are deeply worried about the economy. A recent Fannie Mae survey found that a striking 73% of respondents believe it’s a bad time to buy a house. Additionally, only 32% of consumers expect their personal finances to improve in the next year, while 23% think their financial situation will worsen.
### A Shift in Buyer-Seller Negotiations
Beyond overall economic anxiety, buyers and sellers are increasingly failing to agree on concessions and repairs. This marks a significant change from the pandemic-era housing market, where many buyers willingly forgave concessions and repairs to submit more competitive offers.
Now, the dynamic has flipped. Signs show the market is turning in favor of buyers.
Chief economist Mark Fleming commented in an August 29 First American post, “For prospective buyers who have been waiting on the sidelines, the housing market is finally starting to listen.”
This shift is supported by data from the National Association of Home Builders, which reports mostly flat or slightly declining home price growth due to decreasing demand and increasing supply.
### It’s a Buyer’s Market
Redfin confirms that it’s a buyer’s market across much of the U.S., which explains the surge in canceled transactions.
“Those who are still in the market know they have leverage,” said Redfin. “It’s common to be choosier and ask for repairs, price reductions, and other concessions. When sellers push back, or when inspections reveal new issues, many buyers are walking away.”
In addition, climate risks in the Sunbelt region have discouraged some buyers from completing contracts.
### Some Sellers Are Delisting Homes
While many buyers are pulling out of agreements, some sellers are also removing their homes from the market. Anthony Djon, founder of Anthony Djon Luxury Real Estate in Detroit, told Fortune, “It’s a clear signal that buyers are holding more of the power right now, especially with inventory climbing and [mortgage] rates staying elevated.”
Sellers are not receiving the offers they expect, and the average time on the market is increasing. A recent Realtor.com report shows the typical home has spent 62 days on the market — one week longer than the same time last year.
Realtor.com Senior Economist Jake Krimmel explained, “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. Many sellers still aren’t pricing to sell.”
### Tips to Keep Home Purchase Agreements Intact
Redfin suggests that sellers can improve their chances of closing deals by:
– Getting a pre-inspection
– Being realistic and flexible with concessions and repairs
– Pricing the home appropriately
Even though buyers currently hold much of the leverage in the U.S. market, Redfin advises that they should:
– Get pre-approved
– Research insurance costs and HOA fees
– Consider walking away only if there are major or unreasonable repair issues
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The housing market is evolving rapidly. Both buyers and sellers must adapt to the new dynamics to achieve successful transactions in today’s environment.
https://fortune.com/2025/10/23/us-housing-market-spooky-season-sellers-ghosted-by-buyers-delistings/