A report from KHON in Hawaii. "For the first time in years, Hawaii’s housing market is beginning to level out. April showed the median single-family home decrease to about $760,000 on Oahu, which is cheaper than six months ago when prices were above $800,000. 'We're seeing a shift in the market from favoring sellers to slightly favor the buyers,' said Matthew Wong, realtor associate for iNet. 'We're also seeing the property prices plateau out so you're seeing the interest rates come down as well. It's great to be a home buyer because now you can qualify for that home.'"

"Census data showed more than 60,000 people left Oahu for the mainland over the past eight years—bringing Honolulu’s population below one million. And with more condominiums being built, there's more inventory."

"'If you have more inventory and less demand, prices start going down,' said Attilio Leonardi, Team Lally, Keller Williams Honolulu. 'The greatest affordability is going to be from Makaha to the Ewa Plain because there's a lot of new construction inventory as well as re-sale there.'"

"But what would happen to Oahu’s market if vacation rentals were banned from residential neighborhoods like the bill in Honolulu city council? 'We had a client that called us in a panic, she owned three vacation rentals and she was in a panic and ready to sell them all and leave the island because that's how she's been earning her income,' said Adrienne Lally, Keller Williams Honolulu. 'I think it could cause a flood of homes to come on the market.'"

From Realtor.com. "The tectonic plates of America's major real estate markets continue to shift beneath our feet. Little more than a year ago, unstoppable home price increases seemed to be the new normal just about everywhere. Go, go, go! It was a never-ending party for sellers, and mass anxiety for price-squeezed buyers. But then last fall came signs of a housing slowdown, as big-city prices began to level off—or in some markets actually drop. Was a housing bubble about to burst?"

"'In a lot of markets buyers are hitting an affordability ceiling,' says Chief Economist Danielle Hale of realtor.com. 'Prices just can't keep rising if buyers can't keep up. They are dropping out, and that's why we're seeing prices adjust [down] in some markets.'"

"There are some surprises on this list—including some of the highest-profile markets in the country (hello, San Francisco Bay Area!). Yes, you read that right. Perennial hottest market in the U.S., San Jose is seeing the steepest declines in home prices these days."

"Even in the San Francisco Bay Area, what comes up must come down. 'When [prices] jump that quick, it can produce a reaction with buyers, who say, 'I can't do it anymore, that is just too expensive,' says Patrick Carlisle, Bay Area chief marketing analyst at the real estate firm Compass. Meanwhile, the amount of abodes currently for sale has jumped 92%."

"The 64,000 Texas A&M University students that pour into College Station every fall—plus all of the faculty and staff—need lots of places to live. But builders in pro-development Texas went a bit overboard in recent years. That resulted in a glut of new homes in this market two hours northwest of Houston, pushing inventory up 18.3% year over year and causing prices to tumble."

The Daily Advertiser on Louisiana. "Market Scope President Bill Bacqué pointed out that of three major price classifications — under $150,000, $150,000 to $300,000 and $300,000 and up — only the middle range saw a decline in active listings in Lafayette over last year."

"That change has pushed the $150,000 to $300,000 range down to a five-month supply in Lafayette Parish, according to Bacqué, down from 5.7 months last year and less than half of the 12.8-month supply of homes in the $300,000-plus range."

"'In that middle price range, for the most part, there is more demand than supply, which can be a good thing but can also at some point become a detriment,' Bacqué said. 'If a buyer doesn’t have to buy but cannot find a selection in the marketplace that meets what their desires are, then quite often they’ll just wait.'"

From The Denverite in Colorado. "After the city raised safety concerns so serious that new beams had to be installed to support a row of homes in Villa Park, the owners and their builder joined to sue the engineering company. The engineers in turn blamed the city and a company contracted to review building plans."

"Rhonda Kelly had been renting downtown and hoped to buy in that part of Denver, but had no luck finding the right place. She’d put offers in on a few homes, but was outbid. Then she found an eight-unit project in Villa Park developed by a Denver company called Sustainable Design Build. She learned a deal on one of the homes had just fallen through and the builders seemed eager to move forward with her."

"Kelly said the builders suggested she not bother hiring her own inspector. Jonathan Pray, a lawyer representing the builders, said his clients had no recollection of making such a suggestion. Kelly acknowledged the decision not to hire an inspector was her own. 'I shouldn’t have [skipped it],' she said. 'I was just moving so fast.'"

"Problems became clear quickly, she said. After it rained or snowed, water would build up under the rooftop decking and a balcony decking because of drainage problems. Weather stripping and screens were missing. Water is leaking from the shower in her master bathroom. Several windows also leak. Door jambs are discolored by water damage. Kelly worries about mold."

"'The windows don’t seal,' she said. A bedroom window 'shifts and sags and cracks so much it wakes me up at night when it’s windy.'"

"Then, last April, Kelly and owners of the six neighboring units that had been sold at that point received notices from the city of possible structural problems."

"Real estate attorney Joe Stengel, who began representing Kelly after she encountered problems, said house hunters need to move slowly. 'You can’t be too careful. You’re talking about a huge investment,' he said. 'You need to take your time.' But, he said, 'you are told, ‘There are 15 people who are ahead of you, you’ve got to make a deal.'"