18% of Las Vegas home deals fell through in April — but is it a sign the market is turning in buyers' favor?
High interest rates, financial anxiety and an oversupplied market are pushing many to rethink their purchases before closing.
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A recent Redfin report found 14.3% of U.S. homes under contract in April were canceled, marking the second-highest April cancellation rate on record, behind only the pandemic-era spike in April 2020.
In Las Vegas, the rate was even higher: 18.6% of purchase agreements fell through, placing the city eighth among major U.S. metros for canceled deals.
Here are two of the main reasons for the growing trend.
Higher mortgage rates and skyrocketing home prices are driving many to the brink. The average 30-year fixed mortgage rate hit 6.85% in June, more than double what it was during pandemic lows. That kind of increase can add hundreds — even thousands — to monthly payments when taxes and insurance are included.
'Groceries have been high, gas has been high, utilities have been high,' said Jillian Batchelor, a Southern Nevada realtor, in an interview with 8 News Now. 'So buyers are more payment-conscious or payment-savvy than they really ever have been.'
And with inflation still weighing on American households, some prospective buyers are having trouble securing final approval. Others are rethinking whether they can afford the total cost once they see the final numbers — including homeowners association (HOA) fees and insurance premiums.
Redfin agents nationwide are also seeing buyers hesitate due to broader economic and political instability — including layoffs, tariffs and federal policy uncertainty. Another recent Redfin survey found that nearly 1 in 4 Americans scrapped plans for a major purchase this year due to tariffs.
Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it
The housing market in Las Vegas is also experiencing a surge in listings.
'[A] buyer goes under contract,' Batchelor told 8 News Now. 'And all of a sudden a week later they see, 'oh there's five more homes available in that neighborhood, this one might be nicer, this one might have more upgrades.''
With inventory now at a five-year high nationally, according to Redfin, this scenario is becoming increasingly common — especially in states like Nevada, Texas and Florida, where new home construction has surged.
Buyers feel less pressure to settle, knowing there may be better deals just around the corner.
That confidence is reshaping buyer behavior. According to Redfin's report, five of the 10 metros with the highest cancellation rates are in Florida — which is a sign that growing supply can tip the scales in favor of consumers.
While Las Vegas may be an extreme case, the underlying issues — affordability and market saturation — are national in scope.
From Riverside, California to Atlanta, Georgia (which led the country with a 20% contract cancellation rate), buyers are hitting the brakes.
This shift may suggest that while the housing market may be cooling, affordability is still out of reach for many Americans.
Still, Redfin economists predict some relief later in 2025, with home prices expected to drop modestly as demand softens. In the meantime, buyers are urged to do their research, stay flexible and be ready to walk if the numbers don't add up.
As Batchelor put it, 'All of this is just an adjustment to probably (…) equalize the playing field — maybe a little bit more.'
Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead
Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now
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The content herein does not constitute financial, legal, or medical advice. Velocity Trader is not intended to diagnose, treat, predict, or guarantee any result or outcome. Individual experiences may vary, and outcomes are not assured. Some links in this release may be promotional in nature and may lead to third-party websites. The publisher or author may receive compensation through affiliate commissions if a purchase is made through these links. This compensation does not affect the price you pay and helps support continued research and content publication. All statements made about product features, platform strategies, or training content reflect publicly available information, user discussions, or historical trends, and are not endorsed or validated by regulatory bodies. Please perform your own research before making financial, technological, or purchasing decisions. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. 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Start your day with all you need to know Morning Report delivers the latest news, videos, photos and more. Thanks for signing up! Enter your email address Please provide a valid email address. By clicking above you agree to the Terms of Use and Privacy Policy. Never miss a story. Check out more newsletters The agencies and programs the Republican Congress has defunded were never as neutral as they claimed to be. And as liberals, under the influence of the left, adopted a more adversarial attitude toward America's past and present, it only became more obvious that the agencies and public-private partnerships they ran represented only one side of any argument. But this doesn't mean liberals can't continue to fund everything they funded before. Now they just have to do it with their own money. 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