Tampa ranks high for home sale cancellations, study shows

Home sale cancellations rising in Tampa

A Redfin report shows that Tampa ranks third in the U.S. for the highest rate of home sales falling through before they’re finalized. FOX 13’s Regina Gonzalez reports.

TAMPA, Fla. - Florida is home to five of the top 10 cities nationwide for would-be homebuyers getting cold feet, with Tampa ranking near the top, according to a new report.

By the numbers:

Data released by Redfin shows about 56,000 home purchase agreements were canceled across the U.S. in April 2025, totaling 14.3% of homes that went under contract. That's the highest rate in the month of April since 2017, except for 2020.

In Tampa, the study shows 19.1% of purchases were called off before closing, ranking third in the country behind only Atlanta (20%) and Orlando (19.4%).

Other Florida cities in the top 10 include Miami (18.9%), Fort Lauderdale (18.9%), and Jacksonville (18.4%).

READ: Home listings soared to record $700 billion in April, report shows

Why are more homebuyers backing out?

Dig deeper:

According to Redfin, widespread economic uncertainty plays a significant role in the increased cancellation rate.

It's also considered a buyer's market right now, with housing inventory at a five-year high and overall demand slowing. That could lead to would-be buyers backing out because something better has come along, according to the authors of the report.

READ: April data shows Tampa is 6th hottest buyers market, Redfin study

In the Tampa Bay area, there's another major factor, according to Tampa real estate agent Ali St Cyr: the active 2024 hurricane season.

"A lot of those neighborhoods that were affected by storms, you're seeing them sell at a lower price than they would have a year before, even if prices were the same because of the damage," St Cyr said. "So it's hard to identify exactly what's happening if you don't take those neighborhoods out. For homes that were not affected, they're really seeing a flat line in value year over year and we have not seen a slide in price yet."

READ: Real estate giants crack down on exclusive 'off-market' home listings in major shift for buyers

Buying the right home at the right price

What you can do:

Real estate experts recommend a few key strategies when looking to purchase a home:

Get pre-approved. It's critical in an uncertain market.
Don't be afraid to make a backup offer. If someone else's deal falls through, you could be next in line.
Look beyond the sticker price. A home that seems like a deal may have storm-related damage, affecting the cost of insurance and repairs.
Ask your agent to research seller concessions. Some homeowners may be willing to help buy down your interest rate or cover closing costs, even if it's not advertised.

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The Source: Information for this story was gathered by FOX 13's Regina Gonzalez.

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