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In December 2025, homebuyers canceled over 40,000 signed purchase agreements, which represented 16.3% of all homes that went under contract.
This figure increased from 14.9% in December 2024, according to Redfin, a real estate brokerage. This cancellation rate marks the highest percentage recorded since Redfin began tracking this data in 2017.
Redfin also reported that there were approximately 631,535 more home sellers than buyers in December 2025. This represents a 47% increase, marking the largest gap since records began in 2013.
The gap between sellers and buyers grew by 7.1 percentage points from the previous month, indicating a significant shift in the market.
Regionally, Atlanta experienced the highest percentage of contract cancellations at 22.5%. Following Atlanta were Jacksonville, Florida, and San Antonio, both at 20.6%.
Other cities such as Cleveland and Tampa, Florida, also saw high cancellation rates, with Cleveland at 20.2% and Tampa at 19.4%. In contrast, the New York metropolitan area and parts of California, including San Francisco and San Jose, had the lowest cancellation rates.
The housing market faced further challenges as pending sales dropped by 9% in December 2025 compared to November.
This decline suggests that closed sales in January and February 2026 are likely to be weak, as the number of pending sales was already low.
Chen Zhao, the head of economics research at Redfin, noted that high housing costs and increasing inventory have caused homebuyers to be more selective.
The current market conditions mean that buyers have more options available to them, leading many to walk away from deals if they find better or more affordable homes.
With the current economic climate and the challenges faced by both buyers and sellers, the housing market is undergoing significant changes.
As the gap between sellers and buyers continues to widen, it remains to be seen how this will affect future sales and market trends. Homebuyers may need to navigate carefully in this uncertain environment, while sellers might need to adjust their expectations accordingly.
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