Florida Homebuyers Notice More Cancellations Across State This Week
Home‑purchase agreements in Florida and nationwide saw an increase in cancellations during October 2025. A Redfin analysis reported 53,000 contracts, or 15.1% of all October contracts in the U.S., were withdrawn, up from 14.3% in October 2024.
In Florida, several metropolitan regions recorded higher October cancellation rates than the previous year. Fort Lauderdale experienced 20% cancellations, Miami 17.6%, Orlando 19.1%, and Jacksonville 19.2%. West Palm Beach’s rate, 14.1%, matched last year’s figure, while Tampa’s 19.1% fell from 22.2% in October 2024.
Redfin attributes the trend largely to the large supply of newly built homes in Florida and Texas, which gives buyers greater options. Other cited drivers include higher homeowner association fees and insurance costs.
A separate report by Dave Magua, a Keyes Company broker associate, identified six factors contributing to cancellations: surging insurance costs, a surplus of inventory that reduces buyer urgency, sellers preferring to pull homes from market rather than lower prices, economic uncertainty, climate‑related anxiety, and appraisal gaps caused by fluctuating interest rates.
Median sale prices for Broward County single‑family homes fell to $611,250 in October from $620,000 in July, while Palm Beach County homes rose to $643,000 from $613,250. Cancellation rates remain above 21% in Broward and near 18% in Palm Beach, and the market is expected to stay stagnant through the first quarter of 2026.