09:23 AM EDT, 08/21/2025 (MT Newswires) -- Redfin powered by Rocket (RKT) said Thursday that about 58,000, or 15.3%, of US home-purchase agreements were canceled in July, up from 14.5% a year ago.

Redfin said this was the highest July rate on record since 2017.

The brokerage said the rise in cancellations is linked to high home prices, elevated mortgage rates, and economic uncertainty.

With more listings on the market, Redfin said buyers now have a wider choice and greater bargaining power, leading many to walk away during the inspection period if a better option appears or issues arise.

The highest percentage of cancellations were in San Antonio, Texas, and Fort Lauderdale and Jacksonville in Florida, Redfin said.