A report from the San Francisco Business Journal in California. "The pace of change sweeping across the Bay Area housing market spurred one brokerage to issue a 'special report' this month on the Bay Area housing market. 'Dramatic changes abound,' said Patrick Carlisle, chief market analyst with Compass."

"He rattled off a lengthy list of concerns: Declining and sometimes negative year-over-year appreciation rates, declines in sales volumes and overbidding, increases in price reductions and listings pulled off the market."

"'Many of the changes seen over recent months are substantial, and none more so than the sudden plunge in year-over-year median price appreciation rates,' Carlisle said, cautioning against reading too much into one month or a few months of data. 'Indicators can also be somewhat schizophrenic at the beginning of a significant market transition, if that is what is occurring, as buyers, sellers and agents struggle to figure out a changing reality.'"

"'The days of listing far below the anticipated sale price may be over,' said Vanessa Bergmark, CEO of Red Oak Realty in Oakland. 'Seller expectations should reflect the current state of the market, and the list price should be set to stand out against the competition. This also reduces the possibility of needing to take a price reduction in response to buyer feedback.'"

"Home sellers need to understand current market conditions after years of ever-higher home prices and quick sales amid bidding wars, especially when it came to the Bay Area’s high-end homes."

"'It’s important to price realistically and be patient. We are seeing a slowdown, but not a crash,' said Marion Henon, a broker partner at Marvin Gardens Real Estate, which serves the East Bay."

"The debate among agents just a few months ago was whether to hold an open house for a second weekend, said Christine Kim, president of Climb Real Estate in San Francisco Now the question is whether to hold an open house for a third weekend."