It's Friday desk clearing time for this blogger. "The residential property market in Palo Alto has cooled down meaningfully in the last six months or so. The median home price of all homes sold in Palo Alto has dropped to $2.79 million in the second half of 2018, 10 percent lower than $3.1 million in the first half."

"Price reduction has become the new norm. One out of four homes listed in Palo Alto since July 1 has reduced its listing price. The last time Palo Alto had more than 60 reductions in the late half of the year was 2012. This year's sudden shift is more than seasonality and has left many home sellers in an awkward position."

"By many measures, the Santa Cruz County economy enjoyed a record-breaking year. The median home price, the midpoint of what sold, set a record — $935,100 — in March. By November, it slipped to $911,250 on 134 sales, down 27 percent, according to Gary Gangnes of Real Options Realty, who tracks the numbers."

"San Diego County home prices were up 1.1 percent in November after two months of declines, CoreLogic reported. The median price was $565,000 — still down $18,000 from the all-time peak reached in August. Najla Wehbe Dipp, a real estate agent primarily in East County, said she has met with several potential buyers who say they are waiting until next year for a big Great Recession-style drop in home prices."

"There were 703 home sales in Ventura County at a median sale price of $575,000 in November, according to CoreLogic. That is an 18.5 percent decrease in sales from October, when 863 homes were sold in the county. The median sale price also dropped by 3.4 percent from October’s $595,000 median."

"'Prices have now fallen on a month-to-month basis in four of the past five month in the detached home market, which suggests home values may have peaked this summer,' explained Greater Boston Association of Realtors president Marie Presti . 'As a result, for those looking to maximize the value on the price of their home, this winter may be a better time to do so than waiting until spring, as there will be less competition due to fewer homes listed for sale.'"

"Manhattan’s housing market sharply downshifted in 2018, especially at the high end and in new development, as rising inventory and other factors kept homes on the market longer and forced more sellers to readjust both prices and expectations."

"'The word of the year is reset,' said Jonathan J. Miller, who runs the Miller Samuel appraisal firm in Manhattan. The past year was more of a 'normalization of the market,' he said, after record activity in recent years, highlighted by New York City’s single most expensive closing (for now), in early 2015: a $100.5 million penthouse at the pinnacle of the One57 skyscraper."

"'Pamela Liebman, the chief executive of the Corcoran Group, agreed with that assessment. 'Since 2009, the market has gone on a very aggressive ride, and I think it’s normal that we see a bit of a slowdown.'"

"2018 was the year of the housing slowdown in Dallas. After seven years of rising home purchases in North Texas, the speeding home market hit a speed bump in 2018. The new wind blowing through residential neighborhoods freaked out many home sellers who were hoping they could keep asking the moon for the roofs over their heads."

"'The sky is not falling' on D-FW's housing market, insists Dr. James Gaines, chief economist with the Real Estate Center at Texas A&M University. 'You're just getting back to normal.'"

"The latest report from S&P CoreLogic Case-Shiller shows that Seattle’s home prices have considerably cooled. And while Seattle’s annual increase in home prices was 7.3 percent through October, prices in King County have also gone down 11 percent over the last six months as of November, per the Northwest Multiple Listing Service."

"Some would argue that it’s less a crash in the market, and more a much-needed righting of the ship. 'I expect this trend to continue into 2019, which will cause appreciation to slow somewhat, while giving buyers more options,' said OB Jacobi, president of Windermere Real Estate. 'This does not mean the real estate sky is falling, rather it’s a much-needed shift towards a more sustainable, balanced mark.'"