A report from Pleasanton Weekly in California. "As of the end of September, the total number of homes listed for sale in Pleasanton since the beginning of the year was almost 10% more than the same period during 2017. This is a significant change given how stable the supply of homes has been in Pleasanton for the last four years."

"Equally interesting is when this increase in homes for sale occurred during the year. Starting in July, the number of homes on the market was significantly more than July 2017. This trend continued in August and September."

"Given the limited supply of homes for sale in Pleasanton, any increase is seen as a sign of a changing market. But in this case, more homes for sale doesn't mean more homes are selling. 'Like in other communities, more inventory is cooling the market just a little,' said Tim Ambrose, 2018 president of the Bay East Association of Realtors."

"This chill is felt in the number of homes sold. As inventory was increasing starting in July, the number of homes sold started to drop. In all, 75 single-family homes sold during July, 65 in August and 50 in September. The seasonal nature of real estate -- kids heading back to school -- was certainly a factor."

"Another change is the amount of time a home is on the market. The average days-on-market for a single-family home being sold in Pleasanton during 2018 is 20 days. However, in August a home was on the market an average of 23 days and in September it was 27 days."

"Ambrose believes more inventory coupled with fewer, slower sales, sends a message to sellers. 'It's a conversation we have to have with our sellers to adjust their expectations,' he said. 'For example, sellers receiving seven to 10 offers at over asking price won't be as often as it was in the past.'"

"This is the third year in a row where sales prices have exceeded $1 million. Yet prices, as with homes sold, are trending downward. During September, the median sales price was $1.29 million, which is $36,000 less than September 2017 and $126,000 less than August 2018. "