A report from Bloomberg. "The real estate frenzies in West Coast cities have become the stuff of lore: buyers jostling at open houses, homes getting offers sight unseen, bids coming in hundreds of thousands of dollars over asking. That’s all over now."

"Just ask Kelly Randall, an Amazon employee who listed her renovated Seattle condo for $539,000 -- a bargain compared with the $615,000 her friend got last year for a smaller place in the same building. Almost four months and four price cuts later, Randall’s still waiting for an offer."

"'My timing sucks,' she said. 'It’s a little frustrating.'"

"Nowhere is the shift more pronounced than in once-hot areas such as Seattle, San Francisco and Denver, where bidding wars are vanishing, time-on-market is climbing and prices are flattening, or even falling."

"With prices slipping and more inventory coming up for the busiest time for home selling, buyers who have the means will have a new opportunity to enter the market. Sellers, meanwhile, face a 'reality check,' said Lawrence Yun, chief economist of the National Association of Realtors."

"The median single-family home prices in King County, which includes Seattle, fell 3 percent on a price-per-square foot basis in January, the first annual decline since 2012, according to Redfin. Roughly a sixth of the metro area’s listings had price cuts in the 12 months through January, twice the previous year’s rate, Trulia data show. 'This is what it looks like when the pendulum starts to go the other way,' said Felipe Chacon, a housing economist at Trulia."

"Home sales in January were at 11-year lows in both Southern California and the San Francisco Bay area, CoreLogic Inc. reported. Prices in both the Portland, Oregon, and Denver areas fell this year for the first time since 2012, according to local multiple listings services."

"In Silicon Valley, there’s been a dramatic slowdown, said Patrick Carlisle, chief market analyst in the region for the brokerage Compass. Santa Clara County saw its median house price fall 1 percent in the fourth quarter to $1.25 million, after a 27 percent surge a year earlier."

"'Santa Clara was unbelievably hot,' Carlisle said. 'But there has been a reaction to the high prices. When you add in last year’s rise in interest rates and the fact that their stock portfolio dropped, suddenly it made people a lot more cautious.'"

"Caution was apparent on a recent sunny Saturday morning in Northwest Seattle’s Whittier Heights neighborhood as Ruslan Polyak propped up an open house sign by the front door of a yellow townhouse. Recognizing the market’s slowdown, he had listed it last month for $810,000, even though an identical unit sold last spring for $835,000, almost $100,000 above asking, he said."

"Negotiations are welcome, he told a buyer attending the open house: 'My client’s super reasonable.' Later that day, Polyak cut the price to $787,000."

"Randall, the Amazon employee, is waiting for her condo to sell so she can buy a new town home she signed a contract to purchase in November. In a sign of the market’s softness, the builder is working with her, reducing the agreed-upon price as she’s had to lower her own asking price. It’s now $480,000, a $59,000 reduction from the original listing."