A report from Redfin. "Evidence that the market is cooling down can be seen in price drops. In October 31.3 percent of homes for sale had at least one price drop of more than 1 percent. This is the highest share of price drops on record since Redfin began tracking this metric in 2010, and 6.3 percentage points above last October’s level of 25 percent. In Seattle, almost half of homes for sale had price drops, with an average price cut of $27,500, down from more than $30,000 a year earlier."

"The number of homes for sale was up 1.3 percent from a year earlier. This was the highest level of inventory growth since September 2015. National inventory growth continues to be driven by big increases in softening coastal markets like San Jose (110.9%), Seattle (73.2%), San Diego (38.2%), and Boston (17.3%)."

"The number of homes newly listed in October rose 5.4 percent year over year, but the number of completed home sales continued to sink, dropping 5.7 percent from 2017. Home sales declined in 59 of the 71 largest metro areas that Redfin tracks."

"Metro areas like Seattle, San Diego and San Jose are seeing the biggest increases in inventory coupled with decreasing sales. The biggest sales declines were in some of the most expensive metros, including Seattle (-19.6%), San Diego (-15.7%), and Honolulu (-22.9%)."

"'Some homebuyers are adjusting their price range down, and others are backing out of home-buying entirely–deciding that renting is a better deal. Sellers are now realizing buyer demand isn’t what it used to be and are dropping their prices. When buyers and sellers are on the same page, the market moves quickly, but since sellers were slow to react, we’ve seen a slowdown in the housing market,' said Redfin chief economist Daryl Fairweather."

From the California used house salespeople. "As market uncertainties continue to linger, California home sales declined for the sixth straight month in October and remained below the 400,000-level sales benchmark for the third consecutive month, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said."

"'Homebuyers continued to put their homeownership plans on hold in October and wait out the market,' said 2019 C.A.R. President Jared Martin. 'With mortgage rates at seven-year highs making homeownership more expensive and home prices beginning to flatten, this phenomenon will likely continue for the near term as buyers wait for further price adjustments and for interest rates to stabilize.'"

"The statewide median home price fell to $572,000 in October. The October statewide median price was down 1.2 percent from $578,850 in September and up 4.7 percent from a revised $546,430 in October 2017."

"'October’s sales decline was not as severe as the double-digit drop experienced in September, but the continued pullback in sales suggests the market will continue to slow and likely soften further into 2019,' said C.A.R. Chief Economist Leslie Appleton-Young. 'Likewise, as home sales continue to soften, the median price, which was the lowest since March 2018, will also ease up,' said Appleton-Young."

"Statewide active listings rose for the seventh consecutive month after nearly three straight years of declines, increasing 28 percent from the previous year. October’s listings increase was the largest in four years."

"Active listings in the $500,000-$750,000 price range experienced the largest year-over-year gain (43.9 percent), followed by homes priced $750,000-$999,999 (40.1 percent). The sub-$200,000 market was the only price segment with a decline of 6.2 percent from last year."

The Shawnee Mission Post in Kansas. "In the past, I had written a lot about the market shift or correction that was heading our way. Now that it is here, and make no mistake – it is here, I wanted to answer a question that I get a lot. 'What is causing the market to slow down?'"

"This is really a great question and it comes down to one thing - affordability. Home prices in the Shawnee Mission School District, and all over the city for that matter, have appreciated over the last five years at an unbelievable rate. In 2017, from January to June, the median home price rose by 16.3 percent. That is crazy talk! In real dollars, that was an increase of $32,550."

"Home price appreciation at that rate year over year has caused price weariness and buyer fatigue. If you talk to someone who has purchased a home in the last couple of years, more often than not they will share something like, 'we had to write an offer on 2 or 3 homes before we got the one that we bought. And we had to pay over list price to get it.'"

"There are only so many buyers who are willing to purchase a home in this kind of an environment and, based on current trends, they have all now purchased a home. I say this because overall housing demand has dropped sharply in the last month or so."

"Although home appreciation is a good thing in most cases, when it significantly outpaces wage growth and inflation, a bubble is created."

"Home prices are coming down - homes that are actively for sale today are, in many cases, being forced to drop their price to attract home buyers. The last time I saw price adjustments on a regular basis was nearly five years ago."