A report from the Napa Valley Register in California. "The number of local homes sold dropped 13.7 percent — from 131 sold in September 2017 to 113 sold this September. 'There was a big slowdown once school started; more so than I’ve ever seen,' said NorBAR Napa Vice Chair Tim McCall. 'We’ve transitioned from a seller’s market over the past year,' he said. 'Sellers have definitely come to grips with the fact that they are not going to get as many multiple offers' as they previously might have."

"'We’re starting to see a little bit of a slowdown in sales,' said Desi Capaz, the chair of the Napa chapter of the North Bay Association of Realtors (NorBAR). The decline in sales can be somewhat attributed to the start of the fall holiday season, Capaz said. 'But the real reason is that the market is somewhat slowing down.'"

"'We had been on such a tear for so long with big increases,' he said. However, as prices and interest rates continue to rise, more buyers are being priced out. 'It’s not like we’re headed for dire straits,' said Capaz, 'but I’m thinking we’re seeing our plateau.'"

"'The rebalancing between buyers and sellers is driven by affordability constraints and buyer fatigue,' said Selma Hepp, Ph.D., a chief economist with Pacific Union International. On the other hand, buyer competition led some buyers to step back and put home purchases on hold, said Hepp."

"'Both sides may believe that housing price growth has reached its peak and are acting accordingly, with buyers pulling back and sellers rushing to list their homes before the slow winter season kicks in,' said Hepp. 'Also, a sentiment that the housing market has reached the top has impacted sales activity, with buyers not wanting to purchase at the top of the market,' Hepp wrote."

The San Mateo Daily Journal. "Housing market analysis center CoreLogic found Bay Area housing price jumps in September were the least aggressive in over a year, and sales are decreasing in frequency as well. September also featured 5,970 home sales across the Bay Area, the fewest transactions in that month since 2007, when 5,014 homes were sold, according to CoreLogic. Last year, 7,358 sales occurred in September."

"'The main takeaway for September data is that sales slowed very significantly,' said Andrew LePage, analyst for CoreLogic."

"He suggested shoppers are becoming more selective in their approach to buying homes, which could result in the decreased transaction rates and sales price stagnation. 'If this continues, buyers will have more to choose from and less urgency,' he said."

"Mortgage rates aside though, LePage said the writing on the wall is encouraging for those who, for an extended period of time, may have felt that there is no hope that the market would turn. Time will tell whether those trends continue, he noted, while suggesting prices could be calming."

"'It is certainly possible that price growth continues to weaken,' he said."

From SocketSite. "Having peaked at a 7-year high last month in the absolute, the relative number of homes listed for sale in the San Francisco (940) remains around 40 percent higher versus the same time last year. The number of single-family homes currently listed for sale in the city (340) is running 56 percent higher on a year-over-year basis."

"Having hit a two-year high last month, the number of homes on the market listed for under a million dollars is now running 44 percent higher on a year-over-year basis while 24 percent of the homes listed for sale in San Francisco have undergone at least one price reduction (which is even with the same time last year)."