Report: Tampa Bay leads the U.S. in canceled homebuying contracts

Tampa Bay saw more canceled homebuying contracts than any other major metro in September, according to a Redfin report.

The big picture: Homebuyers are backing out of deals at "a fairly high rate" as their negotiating power grows and economic uncertainty mounts, among other reasons.

• "In a market where home prices and mortgage rates are high and competition is low, buyers want the home they buy to be perfect," researchers wrote in the report.
• Meanwhile, some sellers aren't willing to budge on price or repairs.

By the numbers: About 20% of pending Tampa Bay home sales fell through in September, up from around 17% a year ago, per the real estate site.

• That's higher than the U.S. average of 15%.

Between the lines: Cancellations are typically more common near the end of the year and less common in the spring.

• Homes that fell through during a given month didn't necessarily go under contract that same month.

What we're watching: Deals are increasingly collapsing across the Sun Belt, where homes aren't as affordable as they once were.

• Rising insurance costs, HOA fees and climate risks have also discouraged shoppers, the researchers note.
• Others walk away because they're confident they'll find something else, especially in states with more newly built housing.