Home Purchase Cancellations
- In August 2026, 13.94% of pending U.S. home purchases were cancelled.
- From August 2016 to February 2020, the largest share of pending home sales that were cancelled was 12.94% in August 2016. There has been a larger share of cancellations in each month from June 2022 to August 2026, with the low at 13.05% in June 2022.
Measuring the Interest in Housing Contract Details
- We utilized Google Search Trends to examine Americans’ interest in terms related to the details of housing contracts and the costs of cancelling a home purchase.
- The average interest of these terms trended around 40 from the fall of 2021 to the fall of 2024 before interest shifted upwards in 2025.
- Searches for these terms climbed throughout the spring and into the summer of 2026. Interest peaked at 84 in the week of 6/7/2026, and has since declined to 32 in the week of 9/13/2026.
Where Home Purchase Cancellations were Most Frequent
- 19.33% of pending home sales in the San Antonio metro area were cancelled in August 2026. This was the highest share of the 50 most-populated metro areas.
- There were nine metro areas in either Texas or Florida that were among the top 20 metro areas with the highest share of cancellations.
Persistent Affordability Issues
- The Atlanta Fed publishes an index that measures the affordability level of U.S. housing using median income and median home price. A reading above 100 indicates that housing is affordable, while a reading below 100 indicates the housing market is unaffordable.
- In July 2026, this index was 68.38. This was the 61st consecutive month in which the index was below the affordability threshold of 100.
Rising Mortgage Rates
- On 9/7/2026, the national average 30-year fixed mortgage rate was 6.81%. This was the highest mortgage rates had been since 7/27/2025, at 6.85%.
A Breakdown of a Median Monthly Home Payment
- According to the Atlanta Fed, a median priced home in the U.S. had a total monthly payment of $3,163 in July 2026.
- The largest amount of this payment, $2,337, went to principal and interest on the mortgage. Property taxes were $435, property insurance was $220, and private mortgage insurance was $171.
