A report from the Wall Street Journal. "The national housing slowdown is spreading to markets like Las Vegas and Phoenix. Angela Hutchins, a Las Vegas realtor, said price cuts of up to tens of thousands of dollars are now common. 'Any property that we’re pulling up right now, it’s reduction, reduction, reduction,' she said."

"The deceleration in these less expensive markets suggests that the housing slowdown isn’t a temporary blip but could become a longer-term shift to a more sluggish national housing market in the months to come."

"In Phoenix, another prominent victim of the housing bust, a similar malaise has recently overtaken the market. Sales of new homes were down more than 20% from mid-October to mid-November compared with a year earlier to their lowest level in two years, according to Jim Belfiore, founder and president of Belfiore Real Estate Consulting."

"Builders are starting to offer more incentives for buyers, such as $5,000 to $10,000 of free upgrades. Mr. Belfiore attributes the slowdown more to the psychological impact of roughly a one-percentage-point increase in mortgage rates. 'I think there’s a little bit of a shock value,' he said."

The Buffalo News in New York. "The Buffalo Niagara housing market still is sizzling, although there are some signs it's not quite as hot as it was during the summer. Susan Lenahan and other agents say activity has slowed a little bit from the record-setting pace of this summer, when home prices hit an all-time high."

"'I think the market is leveling off somewhat,' Lenahan said. 'We were running at a pretty frantic pace for a couple of years, and you can’t sustain that.'"

"Betty L. Harris, broker at Metro Town Center Realty on Grand Island, called it a 'roller-coaster year,' but affirmed that it's slowed slightly since October, as buyers became more discouraged and deterred by the pressure of multiple offers above asking price for high-demand homes. 'They can only offer so much, and sometimes they are reluctant to even want to do an offer,' she said."

"Where many new listings used to receive more than a dozen offers and disappear from the market within days, homes now are staying active for weeks, giving buyers more opportunity to view a handful of homes without rushing into bids and decisions."

"Buyers also are not having to offer as much money to win the day. While homes were selling for their most recent asking price in June and July – a highly unusual occurrence in Western New York – sales now are commanding a more normal 98 percent of their latest asking price, according to data from the Buffalo Niagara Association of Realtors."

"And contingent offers – the bane of buyers' existence during the heat of the market – are being accepted again, 'which is a plus for buyers needing to sell a home,' said Greg Straus, broker-owner of 716 Realty Group. 'I'm having a lot of success offering low,' he said. 'The key today is to price it right, for today.'"