H
omebuyers across the U.S. are feeling the sting of sticker shock and hesitation, causing a surge in deal cancellations. In September, roughly 15% of purchase contracts fell through, according to Redfin data cited by the Wall Street Journal—up from about 13.6% a year earlier. Rising economic uncertainty, job concerns, and higher ownership costs are driving the trend. Sellers and buyers appear at an impasse, with the National Association of Realtors noting a sluggish summer of resales and overall sales rates nearing a three‑decade low. As contracts collapse, many sellers are removing their properties from the market; delistings spiked 52% nationwide in September, per Realtor.com. Some owners still benefit from historic low mortgage rates and are reluctant to abandon a good deal.

    One prospective buyer, Trish DaCosta, a public‑relations professional, told the Journal that she had to withdraw from a $400,000 Nashville home after a layoff. “I’m grieving the loss of that house,” she said, “It’s really frustrating after years of saving and planning.” The job market is cooling, with August hiring weaker than expected and a federal shutdown leaving many workers in limbo, the New York Times reported.

    Record‑high prices in Florida are being challenged as consumers tighten spending across the board. Buyer fatigue over soaring listings, prolonged high interest rates, and rising home‑ownership costs—property taxes, insurance—has become palpable. Miami exemplifies a buyer‑seller standoff; the city’s median price, inflated during the pandemic, is now facing a slowdown in listing durations, the second‑largest in the country in August. Florida’s market is a bellwether, grappling with aging inventory, sky‑high insurance, and waning demand.

    Sellers are adopting tactics to entice buyers, such as covering pre‑inspection costs and securing backup offers. Jacksonville recorded the highest cancellation rate in September, 17.8%, according to the Journal. A recent West Palm Beach contract collapsed over an anticipated $20,000 repair, even though the seller offered an equivalent price reduction. In response, sellers nationwide are pulling out the stops—paying for preinspections and securing signed backup offers—to move hesitant buyers from the fence to the front door.