A report from MarketPlace. "The shift from a red-hot market has many realtors grappling with a new reality. On Tuesday, Los Angeles agent Hugo Torres was talking with his colleagues about sellers who have unrealistic expectations. 'People think, 'I’m going to strike it rich right now and I’m going to get very, very ambitious with my price,' so Torres he said he has to be armed with data showing houses have been staying on the market longer, or news stories about the softer market."

"In Portland, Oregon, realtor Tim Manickam called it 'a new landscape.' In the first part of the year he said his listings would sell in a matter of days, often with multiple competing offers above asking price. 'Since June every listing has sat on the market at least a month, maybe six weeks before even getting offers.'"

"His client Jennifer Hames has had a harder than expected time selling her condominium in the trendy Pearl district. 'I have had a ton of traffic,' she said. 'But it really didn’t turn out to be exactly what I had hoped.'"

"After about three months, the condo still hasn't sold so Hames says she'll hold on through the holidays and then she might lower her price from $361,500."

From Reuters. "Sales of new U.S. single-family homes tumbled to a more than 2½-year low in October amid sharp declines in all four regions, further evidence that higher mortgage rates were hurting the housing market. The Commerce Department said on Wednesday new home sales dropped 8.9 percent to a seasonally adjusted annual rate of 544,000 units last month. That was the lowest level since March 2016. The percent drop was the biggest since December 2017."

"September's sales pace was revised higher to 597,000 units from the previously reported 553,000 units. New home sales have dropped in four of the last six months."

"New home sales in the South, which accounts for the bulk of transactions, declined 7.7 percent to their lowest level since July 2017. Sales fell 3.2 percent in the West and plunged 18.5 percent in the Northeast to their lowest level since September 2015. They tumbled 22.1 percent to a 2½-year low in the Midwest."

"The median new house price fell 3.1 percent to $309,700 in October from a year ago. There were 336,000 new homes on the market in October, the most since January 2009 and up 4.3 percent from September. Supply is, however, just over half of what it was at the peak of the housing market boom in 2006."

"At October's sales pace it would take 7.4 months to clear the supply of houses on the market, the most since February 2011, from 6.5 months in September."