Burned by Hot Housing Market, Some Buyers Back Off

Tired of sky high prices and losing out in bidding wars, some buyers are giving up and putting their house hunt on hold.

The first house was in Midvale, Utah — a three-bedroom, just over 2,100 square feet, listed for $479,000. Rob Ettaro and his girlfriend, Kaliana Veros, who had moved from western New York to Salt Lake City, drawn by career opportunities and the stunning scenery of the Wasatch Range, decided to make an offer.

This was back in the wintertime, when the young couple had a modest wish list that included room for family to visit. Their hearts still raced at the idea of being homeowners. Mr. Ettaro and

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