More homebuying deals fell through last month

(CNN)– The housing market is facing a new threat with potential homebuyers backing out of deals at near record levels.

The latest report from real estate platform Redfin shows that more than 14% of homes under contract in September were cancelled.

That’s the highest rate of cancellations since the start of the pandemic in 2020.

Jacksonville, Florida, had the highest percentage of cancellations at nearly 20%, followed by Tampa, Las Vegas, San Antonio and Phoenix.