A report from Mansion Global on California. "At the beginning of this year, the demand for L.A. properties still far exceeded the supply, which drove prices higher and higher as the growth in other global cities slowed or stopped. But by March, that supply and demand equation—specifically in high-end, luxury areas, like the Birds Streets area in Beverly Hills —started to shift, experts say."

"Paul Habibi, a professor at the UCLA Ziman Center for Real Estate said there was this strong climate for developers, who aggressively built new, modern spec homes and remodeled existing ones in that area. But when they came out of the pipeline and hit the market, buyers were no longer willing to pay prices they may have last year."

"'We have had a dramatic run-up in pricing in L.A. since the recession,' he said, noting that in many in-demand areas, there were double-digit price increases for several years. 'But it’s hard to continue that frenetic pace for an extended period of time.'"

"Tami Pardee, the CEO of Halton Pardee + Partners agency, agreed that the supply versus demand dynamics have recently changed. 'In Venice, we used to only have 40 houses on the market a couple of months ago, but now we have 70,' she said."

"But the inventory that’s out there is still moving, she continued, noting that the number of homes sold in Beverly Hills this year in the $4-million-to-$10 million range is almost exactly the same as the number of homes sold during this same period last year—79 in 2018 versus 81 in 2017. And the number of homes that sold in the $10-million-plus range increased, from 20 in 2017 to 30 in 2018. But the median sales price of that Beverly Hills ultra-luxury home did decrease by almost 31%, to $18.3 million, she said."

"'What that’s telling me is that the market for $10-million-to-$20-million homes is more active than it was last year,' she said, 'but the really big sales aren’t happening like they were.'"

"The same dynamic was true in Malibu in the $4-million-to-$10-million range, with 10 more sales this year, coming in at 11% less in terms of price. But in the $10 million-plus range, a $110 million sale earlier this year skewed things. 'If it wasn’t for that sale, the market would be down 20%,' she said."

"This is all to say that luxury buyers can afford to take their time and be choosier, rather than feeling they have to jump at the first property they like, Mr. Parnes said. 'Overpriced homes are no longer selling without a reduction,' he continued. 'Buyers can afford to be really selective—especially in the luxury market.'"

The San Francisco Chronicle. "Facing the white sand and azure sea of Carmel Beach, this iconic home is on the market for the first time in 40 years. Bidding now starts at $7.5 million, which is a price drop from the original listing of $8.088 million."

The Orange County Rgister. "A 19-bedroom Beverly Hills estate that was home to flamboyant publisher William Randolph Hearst and Marion Davies, and a honeymoon spot for John and Jacqueline Kennedy, is back on the market at $135 million. That’s a $60 million plunge from its onetime peak offering."