A report from KOMO News in Washington. "The scene is bleak outside Josef Weiss’ West Seattle townhouse. Three 'for sale' signs line the street, just a block off the water – Weiss’ is one of them. Weiss’ home of six years has been on the market 67 days, something almost unheard of in Seattle just months ago."

"'We definitely didn’t think it was going to take this long,' Weiss told KOMO. 'We’ve lowered it three times now.'"

"For more than a year the Puget Sound region has been one of the hottest housing markets in the nation– full of bidding wars and skyrocketing prices. It seemed nearly every real estate agent in town had a story about the lengths a buyer would go to."

"But, according to Windermere Chief Economist Matthew Gardner, there’s been some change. Gardner found home prices are down 4.4% compared to the second quarter of this year."

"Natalie English, who is working with Weiss to sell his house, said she’s seen Seattle neighborhoods going from having 'zero inventory to about two to three months’ worth of inventory.' English said the days are buyers waiving inspections and sellers refusing to repair or stage their homes before listing appear to be over."

"It’s also the time that people on the verge of selling, are getting their house on the market quickly, she said. 'We’re not getting into the crazy bidding wars any more, buyers are having time to do their due diligence,' English said."

"Weiss, who is hoping to move to Minnesota, said his girlfriend is getting nervous about the changing housing market. 'I just think people are freaking out, want to sell their home and have a lot of equity,' Weiss said."

The Seattle Times. "For the first time in four years, the average house sells for a bit below the listing price in Seattle and across the surrounding metro area, another sign that a hectic market has finally calmed down for burned-out buyers."

"In most of the country, it’s normal, and even expected, for buyers to negotiate the list price down. But this is Seattle, a place where the asking price had become merely a starting point destined to be bid up."

"As recently as May – a time now seen, in hindsight, as perhaps the peak of the market – homes in Seattle were selling on average for 6.3 percent above the list price, according to Redfin. Now, they’re going for 0.6 percent below asking."

"The actual list price of homes is dropping at a similar rate. In all, sales prices have dropped nearly 7 percent, or $55,000, in Seattle since the spring. In fact, just in the past month, Seattle-area home prices dropped more than anywhere else in the country, according to the new Case-Shiller home price index. The index showed the region’s largest monthly drop in home prices since the late stages of the housing bust."