A report from Forbes. "My first tip-off that winds of change were brewing came from an interview with a New York City real estate agent back in June. Over the phone he told me that home prices were down in his area 5-10% from six months ago. I had to listen back through the recording and make sure I’d understood it right. But he’d made no mistake."

"Sure enough, in September, a wave of 465,000 new listings came on the scene throughout the nation’s 45 largest metros, an 8% increase that marked the largest annual inventory growth spurt since 2013. At the same time residential construction data shows builders are adding a bit more inventory to the mix, with housing starts up 3.7% year over year."

"Rest easy, no one’s warning of a housing bust 2.0 danger zone."

"Realtor Kelli Griggs, who services the tri-county area of Sacramento, El Dorado and Placer as well as the San Francisco Bay Area, describes a time at the height of the seller's market when there were no opportunities for buyers to even make repair requests."

"Griggs recalls when sellers would have a 65-page long list of things wrong with their home, or $23,000 worth of foundational issues, and then market it as an 'as-is' sale with no trouble."

"That's changing. 'Buyers are pushing back, and they're saying, 'Enough,' says Griggs. 'They're saying, 'We're done, we're tired, we're fatigued, we want to buy a home in good condition.'"

"Cities that experienced an extreme price run-up in a short span of time, like Seattle, San Jose and even Austin, Texas, will be more prone to a market correction. 'Those markets that are seeing some downturn and correction—it's because they have gone up so high in the last 6 years,' says Jack McCabe, owner of McCabe Research & Consulting, a real estate and economic advisory and consulting firm."

"Part of this is because affordability continues to be a challenge with home price growth outpacing wage increases. McCabe explains: 'We’ve reached a level of unaffordability in certain markets and prices have shot up far above what household incomes have gained in the same time period.'"