Florida recorded some of the highest rates of canceled home sales in the nation last month, with several metro areas well above the national average, according to a Redfin report released last week.
Roughly 15.3 percent of U.S. homes that went under contract in July fell through, the highest rate for that month since records began in 2017. In Fort Lauderdale, 21.3 percent of pending sales were canceled, the second-highest rate among the 50 largest metro areas analyzed. Jacksonville posted a 19.9 percent cancellation rate, while Tampa registered 19.5 percent. Orlando came in at 18.2 percent, down from 19.6 percent a year earlier, and Miami remained steady at 17.7 percent.
Redfin attributed the trend to high prices, elevated mortgage rates and broader economic uncertainty, along with state-specific challenges.
Florida’s rapid pace of homebuilding has increased supply, giving buyers more choices and greater leverage to walk away. However, rising property insurance premiums, higher homeowners’ association fees and concerns about natural disaster risks were also cited as factors leading some buyers to reconsider purchases.
“Florida and Texas have been building more homes than anywhere else in the country, prompting some buyers to back out of deals because they’re confident they will be able to find a different home that works better for them,” the report says. “Some buyers in the Sunshine State are also getting cold feet due to increasing natural disasters and soaring insurance and HOA fees.”
Nationwide, about 58,000 purchase agreements were canceled in July. Florida, along with Texas, accounted for some of the highest shares of failed deals.
