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Defects discovered in home inspections give a buyer reason to walk away. A house that needs expensive repairs to fix a cracked foundation, say, or a faulty roof, may stop looking like a good value. That helps explain why sales of older homes are more anonymous likely to fall through. As to why these things might be throwing a wrench into more sales than before, Felipe Chacon, a data analyst at Trulia,said an increase in first-time homebuyerscould offera plausible explanation. Inventory shortages in many U.S. markets have been most acute for the entry-level homes first-time buyers usually seek.

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