A report from the Los Angeles Times in California. "Southern California home sales tumbled 7.5% in October from a year earlier, extending a broad slowdown in the housing market, according to CoreLogic. Last month was the third straight month of declines, and the 19,193 homes that sold were the lowest number for an October since 2011, before the housing market took off on its multi-year upswing."

"As a result, homes are sitting longer and more sellers are scaling back ambitions. Seventeen percent of L.A. County listings on Zillow had at least one price cut in October, the greatest percentage in at least eight years. The number of listings was up 30.5%."

"'It’s really been kind of slow,' said Suzie Titus, a real estate agent who specializes in Lakewood. 'There is not a lot of activity.'"

"The slowdown doesn’t just apply to California. Buyers nationally are adjusting to mortgage rates that are nearly one percentage point higher than a year earlier as the Federal Reserve raises interest rates to head off inflation."

"On Thursday, the National Assn. of Realtors said that, on a seasonally adjusted basis, buyers entered contracts to buy nearly 3% fewer homes in October than in September. Compared with a year earlier, contract signings fell 6.7% — the tenth straight decline."

"In response to that report, Mike Fratantoni, chief economist for the Mortgage Bankers Assn., called the current slowdown a 'healthy deceleration in the market.' 'Home prices had galloped ahead of wage growth for too long, particularly in the coastal markets,' he said in a statement."

The Union Tribune. "Home sales fell for the fifth month in a row in San Diego County in October and prices were also down, CoreLogic reported Thursday. The latest numbers show continued signs of a slowdown in the real estate market — across the nation, not just locally — but analysts cautioned it was not similar to conditions that caused the 2006 housing crash."

"Still, there was evidence home prices would continue to decline or, at least, stay at current levels. In October, the median home price was $558,000, down by $25,000 from the all-time peak reached in August, but still up 5.4 percent for the year. Sales were down 12 percent compared to the same time last year and at their lowest level since 2011."

"Nathan Moeder, principal with real estate analysts London Moeder Advisors, said the market is reacting to rising mortgage interest rates. Sellers are trying to get their homes on the market because they want to get the most they can before interest rates go up even more, and buyers are holding off to see what happens with home prices and interest rates."

"'Right now, the fact there is a lot of inventory compared to previous Octobers, that tells us people are testing the market if they can sell it because they know they are at the peak,' he said. 'But, I think there is some market resistance because there are only 3,162 sales.'"

"Real estate agent Michael Chandler, based in Kensington, said sellers are becoming more understanding with price cuts, and more willing to sell to investors in off-market deals."

"'Sellers are getting a little nervous that their time has come,' he said. 'At the same time, I advise everyone to look at the information. Even the California Association of Realtors are projecting an increase in price next year. It’s just the acceleration that is decreasing.'"

"San Diego County’s year-over-year drop in sales, 12 percent, was the most out of the six counties. It was followed San Bernardino County, down 8.9 percent; Los Angeles County, down 7.2 percent; Orange County, down 7 percent; Ventura County, down 6.2 percent; and Riverside County, down 3.2 percent."