Home sales are falling apart at record levels. Roughly 58,000 purchase agreements were canceled in July, equal to 15.3% of all pending deals—the highest July rate since Redfin began tracking in 2017.

Cancellations were most common in Texas and Florida, where abundant new construction, high insurance costs, and buyer uncertainty are giving would-be homeowners second thoughts. In San Antonio, nearly a quarter of all contracts fell through.

Learn more about your ad choices. Visit megaphone.fm/adchoices