This is due to a combination of a 30-year fixed mortgage rate above 7% and rising home prices that has caused a 'homebuyer stickier shock.' 

In August, around 60,000 home-purchase contracts fell through nationwide, accounting for 15.7% of homes under contract that month. This is an increase from 14.3% the previous year and represents the largest percentage since October 2022, when the 30-year fixed mortgage rate first rose above 7% for the first time since the Dot Com bust. 

"I've seen more homebuyers cancel deals in the last six months than I've seen at any point during my 24 years of working in real estate. They're getting cold feet," said Jaime Moore, a Redfin Premier real estate agent in Reno, Nevada. 

Moore said, "Buyers get sticker shock when they see their high rate on paper alongside extra expenses for maintenance, repairs and closing costs. Many of them would rather back out, even if it means losing their earnest money. A lot of sellers are also willing to let buyers slip away because they don't want to concede to repair requests."