It's Friday desk clearing time for this blogger. "Both nationally and in the Philadelphia region, the 2018 residential market offered some much-needed relief to home shoppers. In 2019, experts believe, a slowdown of the region's hot market will continue. 'There is currently an oversupply of rental housing, but it will be absorbed in a reasonable amount of time,' said Kevin Gillen, a senior research fellow at Drexel University. 'It's just a normal cyclical fluctuation, not a bubble.'"

"'We have had pent-up demand and low inventory, things that … would naturally increase prices,' said Cheryl Young, a senior economist at Trulia Research. 'It's certainly not a bubble in the way that it was before, in that we could anticipate a large price drop and devaluation of homes.'"

"The number of homes sold in Charlotte has been on the decline for six consecutive months. Will Hadley and Cheryl Hadley have been trying to sell their home since February, and they are not alone. The Hadleys have been reluctant to reduce the asking price of their home in Dilworth."

"'If we need to, and we're going to probably, lower the price just a little bit more,' Will Hadley said. 'Everywhere, everything has just really slowed down.'"

"A year ago, the three-bedroom craftsman home on 2873 Upas St. would have been one of the hottest on the market, receiving multiple offers and selling within days of its listing. But today, after sitting on the market for 44 days and four price reductions later, the remodeled 1943 home in the popular North Park-Morley Field neighborhood doesn’t have an offer."

"That shift is most evident when you look at the number of times sellers have reduced prices. The share of home listings with a price cut grew to its highest level in at least eight years, says a recent analysis from Trulia. San Diego had the most reductions — 20.5 percent — of the 100 biggest metro areas in the United States so far this year. (It tied with Tampa, which also saw 20.5 percent of homes with a price cut.)"

"'Three months ago, the feeling was, ‘I better make an offer on that house before somebody else does and how high do I need to go?' said Gary Kent, a La Jolla-based real estate agent. 'The psychology has really changed to, ‘You know what, how much can I get off from the price?'"

"As housing sales dropped to the lowest level in five years, new home starts continue to grow in the first quarter of the year in Metro Vancouver. Developers who scrambled to pre-sale condos prior to construction as little as three years ago now find many units sitting unsold as buyers watch the market to see if prices will drop lower. Buyer incentives, such as free trips or not paying mortgage for the first year are being offered in some cases as developers find themselves with empty inventory for the first time in many years."

"'The supply of homes for sale today is beginning to return to levels that we haven’t seen in our market in about four years,' Phil Moore, REBGV president said. 'For home buyers, this means you have more selection to choose from. For sellers, it means your home may face more competition, from other listings, in the marketplace.'"

"Discounts on London homes are creeping out further from the center as prices remain out of reach for many people and uncertainty surrounding Brexit starts to damp demand for homes in the capital’s cheaper neighborhoods."

"'Vendors in outer boroughs are catching up and becoming more realistic about pricing,' said Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors. 'There’s been a shift of power from seller to buyer and it looks as if it will stay that way for some time.'"

"They say forewarned is forearmed, but are we getting to the stage where we are actually being spooked by the constant warnings from 'experts' over the outlook for house prices?"

"The worries over house prices are threefold. There is the natural correction to the massive spike that saw house prices soar to ridiculous levels, particularly in parts of Sydney and Melbourne, aided by tweaks to investor lending by the prudential watchdog."

"Then there are concerns about a further tightening in bank lending standards resulting from the Royal Commission into the financial sector, making it even more difficult to buy a home. And finally there is the political hoo-ha over Federal Labor’s promised plan to change generous tax concessions on housing investments – a policy it also took to the 2016 election."

"Aussie Home Loans founder John Symond launched a tirade against the plan this week, describing its as a 'nuclear bomb' that could tip the country into recession."

"Delivering a speech this week, Reserve Bank governor Philip Lowe agreed developments in the housing market needed to be watched closely. But he said this was taking place against the backdrop of a strong world economy, a positive Australian economy, low unemployment, low interest rates, strong population growth and only limited pockets of excess housing supply."

"'This is a reasonably favourable backdrop against which to be having an adjustment in the housing market,' Dr Lowe said. So for now, let us all take a deep breath and not panic."