Decline in Pending Home Sales Signals Cooling Housing Market in Florida Metros

Florida Housing Market Shows Signs of Cooling as Pending Home Sales Decline

Florida—In a notable shift for the Sunshine State’s housing market, multiple metropolitan areas reported a decline in pending home sales in June, signaling a potential cooling trend. According to a recent report by online real estate company Redfin, the percentage of pending sales that fell through reached 14.9%, up from 13.9% a year ago, marking the highest June cancellation rate since Redfin began tracking this data in 2017.

The report highlights a growing trend among buyers who are opting to back out during the inspection period. Many are finding better options in what has become a largely buyer’s market, while others are hesitant to commit to significant purchases amid economic uncertainty.

Key Findings from the Report

• Fort Lauderdale: Cancellations dropped to 16.5% in 2025 from 17.7% in 2024.
• Jacksonville: Cancellations rose to 21.4% from 19.9%.
• Miami: Increased to 17.9% from 16.5%.
• Orlando: Fell to 19% from 19.9%.
• Tampa: Slightly decreased to 19.2% from 19.7%.
• West Palm Beach: Dropped to 15.1% from 15.4%.

Redfin’s analysis indicates that the current buyer’s market, characterized by a surplus of sellers, allows buyers to be more selective. Many are choosing to cancel agreements if they discover issues during inspections or if a more appealing property becomes available.

Economic Factors at Play

Financial concerns are also playing a significant role in the increase of canceled sales. While home prices remain at record highs, monthly mortgage payments, although slightly reduced, are still near all-time peaks. This financial strain is prompting some buyers to reconsider their commitments.

“Buyers have leverage,” said Crystal Zschirnt, a Redfin Premier agent in Dallas. “Some are canceling deals because another home pops up in the same price range that they like better, or they discover a flaw and get nervous it’ll cost too much to fix.”

Sellers Respond to Market Dynamics

In response to the shifting landscape, sellers are increasingly willing to negotiate to keep transactions from falling apart. Van Welborn, a Redfin Premier agent in Phoenix, noted that sellers are more inclined to make concessions, such as covering repair costs, to ensure a sale goes through. “A few years ago, sellers could afford to be inflexible. Now, they’re doing whatever they can to close the deal,” he said.

Regional Trends and Comparisons

The highest cancellation rates are concentrated in the Sun Belt, with Jacksonville leading at 21.4%. Other cities with high cancellation rates include Las Vegas (19.7%) and Atlanta (19.6%). In contrast, Nassau County, New York, reported the lowest cancellation rate at just 5.4%.

Looking Ahead

As the market continues to evolve, Redfin forecasts a 1% year-over-year decline in home prices nationwide by the end of 2025, with mortgage rates expected to remain stable around 6.8%. The current dynamics suggest that buyers may continue to exercise caution, weighing their options carefully in a market that is becoming increasingly favorable to them.

As Florida’s housing market navigates these changes, both buyers and sellers will need to adapt to the new realities of a cooling market.