TAMPA, Fla. (WFLA) – Home purchases across Florida and across the United States are being cancelled at record rates, according to a new Redfin study.
The real estate company said 15% of home purchases fell until last month. This is the highest July rate on record.
Data showed that of the top five cities with the highest percentage of home purchase cancellations, three are in Florida. Home purchases were most likely to fall in Fort Lauderdale, Jacksonville and Tampa.
Redfin said high prices, high mortgage rates and economic uncertainty make buyers skittish.
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Redfin also said buyers have more options than they have in the past. This means they have more negotiating power and often not in a hurry.
“If a better home is put for sale or discover an issue that you don’t want to fix, they may retreat during the inspection period,” Redfin said.
Some Florida buyers are “getting cold feet “” due to increased natural disasters and rising insurance and HOA fees,” the company said.
Tampa was one of the top cities of cancellations, but in reality, more contracts have fallen than last year. Redfin data showed that 19.5% of transactions this year fell, and 20.8% of pending sales were cancelled in 2024.
According to Redfin, below is a list of places where homes are most purchased:
San Antonio, Texas (22.7%) Fort Lauderdale, FL (21.3%) Jacksonville, FL (19.9%) Atlanta, Georgia (19.7%) Tampa, FL (19.5%)
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