It's Friday desk clearing time for this blogger. "High-end home prices got kicked out of the penthouse in early 2019, falling for the first time in nearly three years, according to Redfin. In Boston, the average luxury home sold for $3,219,000, down 22.4 percent from the first quarter of 2018. 'It’s condos that tend to do the worst in a downturn; they’re the most sensitive in terms of demand,' said Redfin chief economist Daryl Fairweather."

"For the fourth consecutive month Seattle condominium market values underperformed its 2018 levels as sales activity improved. The April Seattle citywide condo median sales price of $495,000 reflected a year-over-year dip of 9.34%. There were 592 Seattle condos listed for sale in the NWMLS database that reflected a 150.9% and 11.1% increase over last April and last month, respectively. However, that figure excludes several hundred units in presale or are under construction that are not reflected in the NWMLS."

"Houston saw more people move away than relocate here for the second straight year in 2018, according to the Greater Houston Partnership. University of Houston economist Bill Gilmer said housing permits are beginning to slow down, injecting some skepticism about the market. 'We’re seeing big discounts being offered on new homes,' Gilmer said."

"Orange County population growth has been slowing since 2015, and the housing sector is starting to respond, according to JLL. 'The housing market has already showed signs of slowing down, especially when it comes to homebuying. This is happening in Orange County and across the Southern California region as homebuying has experienced a year-long cool down and buyers have begun to gain leverage,' Paulina Torres, research analyst at JLL, tells GlobeSt.com."

"Three homes mentioned in our recent story on the trend of expensive Berkeley homes going to all-cash San Francisco buyers have had price cuts. The five-bedroom, 5.5-bathroom 1909 home at 1035 Shattuck Ave., which came to market two months ago, has seen $545,000 shaved off its $3,495,000 list price and is now looking for $2,950,000, a 16% decrease. The 2,200-square-foot completely rehabbed home at 1470 Seventh St. went up for sale at $1,995,000 on April 10. It got a 20% price reduction on May 8, however, and is now asking $1,595,000."

"The owners of this residence tried to sell it on their own for $589,000, but, after three months, not a single potential buyer had requested a private tour. The sellers decided to enlist the help of agents Bryon Howard and Shirley Wright, who immediately reduced the asking price to $539,900."

"With the asking price further reduced to $519,900, another interested party came to the table and a negotiated deal for $500,000 was signed in early March. 'That’s the reality of Calgary’s market,' Mr. Howard said of the lengthy sales process."

"Landlords and property managers in Metro Vancouver are offering bonuses, such as a free month's rent, in an attempt to woo potential tenants. Moe Mousavi, a property manager at Macdonald Realty says landlords are now being forced to offer incentives because there's more supply in the market than demand. One of Mousavi's clients has a new building with 157 available rental units. He says each one includes incentives."

"And it's not just developers offering bonuses. Mousavi says landlords with single units are also having to fight for tenants. 'A lot of these people are under pressure because of mortgages ... so it's, sort of, a desperate attempt to get their properties rented,' he said."

"Current market conditions might slow the momentum of Thai-foreign joint ventures. Most foreign developers expect to see an investment return from condominium projects in a relatively short term. But unit sales and transfers have been slowing lately, primarily due to a market glut and the impact of tougher mortgage lending rules."

"The Woodleigh Residences launch is slated for this Saturday. Blogger Blade Knight said the developers must have 'decided that the risk of the market downturn may not be worth it and started slashing prices drastically in order to move more units. The blogger added that launch over the weekend, will see 'a 958sqft 3 bedder unit prices (drop) from S$1.92Mil to S$1.66Mil.'"

"Australia’s well-catalogued free-fall in house prices, slumping offshore demand and tighter bank lending has forced Melbourne’s developers to shelve or repurpose 51 apartment projects – and an estimated 16,550 units – over the past two years. From the first quarter of 2017 to March this year, at least 31 projects with 7850 apartments were abandoned."

"The collapse in apartment investors was painfully illustrated by Singapore-listed developer Chip Eng Seng which recently reported selling just 13 out of 222 apartments in a mega-project launched nearly a year ago, despite offering $2 million in incentives to the first 70 buyers. Overall sales to-date in local subsidiary CEL Australia’s signature Fishermans Bend project are running at 5.9 per cent, with sales 'not expected to improve significantly' in the first quarter this year."

"Longer sales campaigns mean overall stock levels are up 1 per cent in the past three months year on year, with almost 44,000 Sydney properties on the market. More than half of those properties have been for sale since January or earlier, creating a backlog of stock."

"'Eighteen months to two years ago … we’d be listing and selling every week,' said Sonia Poulos of Century 21 Combined Liverpool. 'I’ve got a lot of listings …but they’re just sitting there. Owners still want the prices from six months ago.'"

"Recent figures from the Real Estate Institute New Zealand revealed a tale of two cities when it comes to the relative growth or decline of property and house values. One example was the central Auckland suburb of Mt Albert, which saw house and property values declined 30 per cent. However, figures showed that the number of apartments increased by 25 per cent compared to last year, said REINZ chief executive Bindi Norwell."

"'So new apartments – actually, that’s not a bad thing. It opens up opportunities for first homebuyers as well, and the number of properties that sold over $1 million declined, so that's why it explains the figures,' she said."

"A local business owner recently informed me that the days of Scottsdale (even south Scottsdale) being affordable for the middle class is over. 'That ship has sailed,' he rather smugly proclaimed. Hmmm. Well, I guess the rest of us bottom dwellers have been put in our rightful place."

"To those who share an attitude similar to the one expressed by the business owner, let me just say this. Remember the housing bubble of 2008? What goes up must and will come crashing down, an opinion shared by many Realtors and financial planners I have spoken with."

"Then perhaps the rest of us slackers may have the satisfaction of informing all those investors, developers and assorted elite who feel the rest of us are financially unfit to inhabit the same city they call home, Gee, so sorry for your loss as in money on your investment but the days of inflated rents and housing prices are over for now."

"That ship has sailed. What goes up just came down. Then what will Scottsdale be left with? Oceans of apartments and condos that are all competing for renters at bargain basement prices? Another appropriate saying comes to mind. History is doomed to repeat itself. Apparently we learned nothing from the last housing meltdown except that practice makes perfect."