US homebuyers are walking away from deals at the highest rate in years: 14.0% of home-purchase agreements that went under contract fell through in July, the highest rate since November 2023. The national cancellation rate has held between 13.0% and 14.0% over the last 4 years, well above the lower rates typical of the seller's market from 2020 to 2022. Atlanta posted the highest cancellation rate last month, at 19.8%, followed by Houston at 19.6%, San Antonio at 18.7%, and Las Vegas at 18.6%. This comes as sellers outnumber buyers by ~51%, near the highest percentage on record, giving buyers more options and making them more willing to walk away over inspection issues, low appraisals, or rejected concessions. At the same time, high home prices and elevated mortgage rates are leaving buyers with less financial room, making unexpected costs or concerns about taking on large monthly payments more likely to derail deals. The housing market is under historic pressure.