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Homebuyer cancellations are creeping upwards in the Boston area, while the rate of cancellations has reached an all-time high across the nation.

A new analysis by economists at brokerage Redfin found that 12.2 percent of pending sales fell out of contract in Greater Boston in December of 2025 compared to 11.7 percent in 2024. No other Massachusetts metros were included in the analysis.

This news comes on the heels of the same Redfin economics team reporting last week that there were 2.1 percent more homesellers than buyers in the metro area in December, a surprising reversal from previous trends.

Redfin data indicates Greater Boston had 21.2 percent more buyers than sellers in December 2024, and 23.9 percent more in December 2019.

“High housing costs and rising inventory have made homebuyers more selective,” Redfin head of economics research Chen Zhao said in a statement. “Home sellers outnumber buyers by a record margin, meaning the buyers who are in the market have options and may walk away if they believe they can find a better or more affordable home.”

While cancellations are increasing locally, the are not happening at as high a rate seen across the country. Boston saw the ninth-fewest cancellations among the 50 most populous metro areas Redfin analyzed.

The report found 16.3 percent of home contracts across the country in December 2025 were canceled. That’s up from 14.9 percent in 2024 and is the highest December rate in Redfin’s records dating back to 2017.

Redfin also reported that there were an estimated 47.1 percent more home sellers than buyers in the U.S. housing market in December. This represents the largest gap in Redfin’s records dating back to 2013, the report said. Additionally, that growth in sellers is the largest monthly increase since September 2022 and up 22.2 percentage points from 2024.