A report from the Union Tribune in California. "New home sales in San Diego County fell 20 percent in January from a year earlier, hitting an 11-year low, CoreLogic reported. 'We seem to be reaching that point at which housing prices are exceeding, at least perceived, affordability,' said real estate analyst Gary London. 'What I have advised most people is we are probably post-peak.'"

"He said the real estate market was not experiencing a bubble pop but a normal adjusting after hitting a high point. The problem is not a lack of demand, because numerous people want to buy, but that the type of housing is too expensive for many, London said."

"Resale condo sales appear to be hardest hit, with sales down 25 percent in a year — 592 compared to 787 last year — and increasing in value less than 1 percent annually. The condo median in January was $412,000, down from a July peak of $432,000."

"Newly built home sales were the third lowest for a given month — not just January (but it is usually the slowest month) — since at least 1988 when CoreLogic started recording. 'Developers are probably not real anxious to put out new homes right now,' London said."

"Resale single-family homes remained the dominate part of the market with 1,410 sales, 67 percent of all sales, and a median of $588,000. That’s down from the all-time peak of $630,000 reached in June and July."

"The number of homes for sale each year in San Diego County tends to go down after August, at the end of the summer buying season. That didn’t happen this year. 'Even back down at the (interest rate) level we are at now, it was already starting to slow,' said Rich Toscano, a partner at Pacific Capital Associates."

"The most expensive markets in San Diego County tended to feel the brunt of the slowdown. In La Jolla (92037), the resale median home price, $1.95 million, was down 28 percent in a year. In Rancho Santa Fe (92091), the median was $1.3 million, also down 28 percent in a year."

The Orange County Register. "What’s up with mortgage rates? Jeff Lazerson of Mortgage Grader in Laguna Niguel gives us his take. Earlier this week, CoreLogic announced a 17 percent drop in Southern California home sales in January compared to one year ago. And, almost 20 percent fewer homes sold in January compared to December."

"If you are an informed and patient home shopper, and you plan on holding your home for five or more years, I say nonsense to these falling home sale numbers. Consider my client whom I will nickname Patient Perry."

"Late last summer, Mr. Perry found a Laguna Niguel home that really caught his eye. He made an offer and went into escrow. All was good until the estimated value of the appraisal report fell short of the sales price. Patient Perry and the seller could not come to terms on a price reduction. Escrow cancelled."

"Some months later, Patient Perry went back and made another offer on the same property and this time the deal stuck. We closed in January. Between the sales price and closing costs, Patient Perry paid $35,000 or roughly 4 percent less than he would have had the original offer stuck."

"More recently, and in addition to the sales volume drop, home prices are flattening or even dropping. Yet, many real estate listing agents and home sellers won’t acknowledge these facts — as evidenced by increased price reduction trends, longer average days on market and cancelled listings."

"My takeaways for buyers in this declining market are: Don’t be afraid to low-ball the offer as a first step. The sellers’ counter-offer will speak volumes as to where the seller is willing to land."

The Ventura County Star. "CoreLogic’s report on the Southern California housing market in December noted that the region’s home sales were the lowest for a December in 11 years. The same report noted that home sales had fallen on a year-over-year basis for five consecutive months and in seven of the past eight months."

"The statistics aren’t detached from reality, according to Jose Luiz Morales, a local real estate agent with RE/MAX Gold Coast Realtors. Morales said demand was down last year compared to every year since 2015 and cited rising interest rates as a crucial factor in 2018’s lower sales volume."

"'Interest rates going up made affordability go down tremendously,' Morales said. 'People would see properties and want to make an offer, but after seeing the numbers with the higher interest rates, they wouldn’t come back.'"

"Inventory is up and demand has softened, which has caused some sellers to reduce their prices, according to Morales. Morales added that there were frequent news reports in the past year about the possibility of a recession or housing bubble, which further shook consumer confidence."

"Longtime Ventura County resident Chuck McQuiddy bought and sold property in the county last year and said the market was unarguably better for sellers early in 2018. 'A year ago, things were selling for over asking price, but now people are dropping their prices by 10, 15 or even 20 percent,' said McQuiddy, 56. 'Right now, it seems like more of a buyers’ market (but) when I sold my Camarillo home last April, it was definitely a sellers’ market.'"

"Today, McQuiddy still views Ventura County’s housing market as a strong one but said it is firmly in favor of the buyer. He wasn’t sure what caused the shift but said politics or rising interest rates could be factors."

From Patch Los Altos. "Nestled in the Los Altos Hills, this humble estate has everything you need and want behind the gate at a $500,000 price reduction. Price: $6,380,000 Square Feet: 4786 Bedrooms: 5 Bathrooms: 5 Baths Built: 1991 Features: $500k PRICE REDUCTION."