A report from the Los Angeles Times in California. "A chill is settling over the once white-hot Southern California housing market. Listings are up. Sales are falling. Price reductions are becoming more common. The latest evidence came Tuesday when CoreLogic released its monthly market report. Sales across the region plummeted nearly 18% in September compared with a year earlier, the largest drop in almost eight years."

"According to Redfin, listings in September grew in all six Southern California counties compared with a year earlier, ranging from a 2% gain in San Bernardino County to a 32% leap in San Diego County. Zillow estimated even larger increases in listings, ranging from 14.6% in San Bernardino County to 39% in San Diego County."

"The share of listings whose prices have been cut in the past two months is at multiyear highs — a sure sign that sellers are scaling back ambitions. Redfin says Los Angeles County saw price cuts on 23.8% of listings in September, up from 17.9% a year earlier. Data from Zillow show 15.5% of listings had price cuts last month, the highest level in at least eight years."

"Barbara Boyd, 61, was recently laid off from her job as a project coordinator at NBCUniversal and worried that she might lose the equity she had built up in her five-bedroom home in Valley Glen, which she bought in 2011 for $615,000. The home went into escrow for $1 million. Boyd plans to move to Arizona."

"'At a certain point, even if it doesn’t crash, it’s going to stop,' Boyd said. 'I am not going to gamble .… I am pulling the plug.'"

The Orange County Register. "Although local agents say it’s too soon to call it a buyer’s market, a slowdown reported over the past six months appears to be deepening, they said."

"'I don’t think it’s time to panic. I don’t think it’s a bloodbath,' said Jordan Levine, a senior economist for the California Association of Realtors, which last week reported similar sales drops in the region. 'I definitely think it’s time to look at the market with eyes wide open.'"

"In all, 17,369 homes changed hands last month in the six-county region, or 3,700 fewer than in September 2017. Sales drops were more pronounced in Los Angeles and Orange counties. Transactions fell 23.6 percent in Orange County and were off 19.3 percent in L.A. County, CoreLogic figures show."

"The Inland Empire, by comparison, had drops of 16.4 percent in San Bernardino County and 10.1 percent in Riverside County – less severe but still in the double digits. San Diego and Ventura counties both saw sales fall by more than 17 percent."

From Curbed Los Angeles. "Prospective homebuyers in Los Angeles didn’t close many deals in September, according to CoreLogic. Sales in the month dropped off an astonishing 25 percent from August."

"That hefty dip in sales came in spite of some serious price reductions. Median prices countywide fell 3.3 percent, from a record-high $615,000 to $595,000. That’s still 3.5 percent above the median price a year ago, but September is the first month since April that the median price has fallen below the $600,000 mark."

"The good news for buyers is that prices appear to be plateauing and more sellers are slashing prices. According to Zillow, the number of homes in the Los Angeles metro area being advertised with a price cut is up 6.5 percent since this time last year."

From CNBC. "Higher mortgage rates and overheated home prices hit Southern California home sales hard in September. Sales of newly built homes were 47 percent below the September average dating back to 1988, while sales of existing homes were 22 percent below their long-term average."

From Eastsider LA. "Prices on around five dozen condos, apartments and other Eastside properties dropped during the past week. Here are some examples, followed by a breakdown by neighborhood: Boyle Heights: Price drops $80,000 for a bungalow containing three units – a 3-bedroom, a 2-bedroom and a 1-bedroom. $735,000."

"El Sereno: $50,000 cut on a 4-bedroom/3-bathroom/2-living room contemporary fully updated. $849,000. Lincoln Heights: $51,000 in reductions over the last month for a 2-bedroom cottage on 16,668 square feet of land. $699,000."

The Daily Mail. "Elementary star Lucy Liu has put her Hollywood home back on the market after unsuccessfully offloading it earlier this year. The actress has reduced the price by $700,000, bringing it down from its May asking price of $4.199 million to a cheaper $3.5 million. The Kill Bill star's home is found in the celeb-saturated Fryman Canyon area of Studio City in LA."

The San Francisco Chronicle. "With authentic Spanish tile, a one-of-a-kind indoor pool and spa with waterfall and retractable skylights, and other custom features throughout, 10 Scott Court in Hillsborough has all the detailed specificity of someone’s dream home. 'The owners are of Mexican descent and building a home gave them the opportunity to show what a true Spanish estate would look like in California,' said listing agent Phil Chen."

"The owners, who built on the 1.2-acre property in 2006, never actually lived in the home they spent so much time and money customizing. Instead they considered the house an investment property and put it on the market shortly after completion. But after the financial crisis of 2008 hit, the owners removed it from market and leased it out, until now. 'They have been observing the market until they felt ready to sell,' said Chen."

"Chen placed the home on the market this summer for $9.8 million but says he and the owners always figured the home would sell in the $8-million range. 'Given the limited inventory in the summer market and recent homes in the area selling for over $10 million we wanted to ‘test the waters’ so to speak, first at a higher rate,' he said. With the fall selling season drawing to a close, and the dreaded holiday season slowdown about to hit, the home recently got a dramatic price cut to $8.4 million."

"At that price, buyers in Hillsborough (which Chen called 'still undervalued') will be getting 'a lot of house for the money,' he said. The agent admits that, given the time of year, stock market downturn and higher interest rates, the market for super luxury homes like this one has been softening. But he believes the market is just a few IPOs away from a resurgence."