A report from Redfin. "U.S. home-sale prices increased 4.7 percent in August to a median of $300,900, compared to a year ago. The price growth rate has been dropping for six consecutive months and has not been this low since August 2014. Homes sales fell 2.4 percent in August compared to a year prior. 'While sale prices moderate, new listing prices keep accelerating,' said Redfin senior economist Taylor Marr. 'This mismatch between seller expectations and reality is fueling an increase in price drops in metros across the country.'"

"Nearly 30 percent of homes on the market in August had a price drop, the largest share on record since Redfin began tracking this metric in 2009, and a 3.4 percentage-point increase over last August. It’s worth noting that the share of homes with price drops typically peaks each year in July or August."

"Redfin has been closely tracking a market shift in San Jose, California, Seattle, and Portland, Oregon, over the past three months. The trends of increasing inventory and declining sales we reported in June and July intensified in August."

"In San Jose and Seattle, the supply of homes was up nearly 50 percent year over year. In Portland, inventory increased 25 percent. The increase in inventory is the combination of more people putting their homes on the market as fewer buyers are stepping up to purchase. San Jose, Seattle and Portland saw respective sales declines of 16 percent, 19 percent and 6 percent."

"Rebecca Walter, a Redfin agent in Portland, says the market shift has been dramatic. She is seeing far fewer multiple offer situations lately compared to last year, even in popular neighborhoods. Walter says in this market, pricing right is more important than ever."

"'I tell sellers that the worst thing you can do is overprice your home. If you have to drop the price, you can’t recreate the same excitement and fervor as when your home first hits the market. Pricing too high can ultimately result in getting less than market value, below what you likely could have gotten if you priced at market value from the start.'"

"She says homeowners who are thinking about selling should consider doing so sooner rather than later. 'I don’t have a crystal ball, but I wouldn’t count on your home appreciating and being worth more in the spring than it is now. The Fed has indicated they will make one more rate hike in December, which would impact buyers’ purchasing power. We have this window before the market slows for the holidays, so the sooner the better if you’re planning to sell.'"

"Seattle saw the largest decline in sales compared to last year, falling 18.5%. Home sales in San Jose, CA and West Palm Beach, FL declined by 15.6% and 12.5%, respectively. San Jose, CA had the highest increase in the number of homes for sale, up 49.1% year over year, followed by Seattle (46.4%) and San Diego (26.2%)."

From MarketWatch. "Home builder stocks were broadly lower Monday, as mortgage-finance company Freddie Mac said the U.S. housing market had 'essentially stalled.' 'The spring and summer home buying and selling season ultimately ended up being a letdown, despite a faster growing economy and healthy demand for buying a home,' said Freddie Mac Chief Economist Sam Khater. 'Unfortunately, too many would-be buyers continue to be tripped up by not enough affordable supply and the one-two punch of much higher home prices and mortgage rates.'"