U.S. Home Purchase Cancellations Hit Record High for September as Buyers Gain Leverage

Homebuyers backed out of purchase agreements at an unprecedented pace last month, according to a recent report from Redfin. Roughly 1 in every 7 home purchase contracts signed in September was canceled, marking the highest cancellation rate for any September on record.
Redfin attributed the record pullback to an increasingly favorable buyer's market, noting that prospective homeowners are finding expanded inventory and more alternatives, which gives them greater flexibility to walk away from pending deals.