Homebuyers are backing out of deals at a historic pace. Redfin’s report found that about 1 in every 7 homebuying deals that went under contract in September were canceled, the highest rate for any September on record. The report attributes the high cancellation rate to buyers having more options in a strong buyer’s market. Read more:

Housing supply has hit a 6-year high as new listings jump, per Redfin. Homebuying demand is stagnant largely because housing costs are stubbornly high, pushing would-be buyers to the sidelines. The median U.S. home-sale price rose 2.2% year over year to $398,596, the highest August level on record.

US housing demand has collapsed. US new home sales fell -10.5% MoM in July, to 607,000 units, the lowest in 6 months and far worse than the -1.4% decline expected. Excluding January 2026, this is the lowest level since November 2022. New home sales have now fallen in 3 of the last 4 months and are down -6.3% YoY. The Midwest was hit hardest, with sales plunging -42.7% MoM, to 43,000, the lowest level since 2012. At the same time, sales in the South, the nation's biggest homebuying region, accounting for more than 60% of the total, fell -13.0% to 383,000, the 2nd-lowest level since January. This comes as the 30Y mortgage rate hit 6.81%, its highest since August 2025, weighing on homebuyer demand. The housing market is historically unaffordable right now.