A press release from Zillow. "It has been widely acknowledged that the aggressive pace of home value growth over the past several years was unsustainable. Buyers simply couldn't keep up, and home prices are correcting. Inventory was up year-over-year in roughly two thirds (23/35) of the nation's largest metro markets. For-sale inventory grew the most in Las Vegas (up 41.8% year-over-year), San Jose (40.6%), Denver (25%), Seattle (23.9%) and San Francisco (21.4%)."

From Komo News in Washington. "Home prices in the Seattle metro area fell last month, according to a new report. The number of homes for sale is also up dramatically in the Seattle area. There are now 2,370 more homes on the market than at the same point last year - an increase of 24 percent."

"'The current slowdown in home value appreciation is expected and comforting,' said Skylar Olsen, Zillow's director of economic research. 'While the slowdown has been arguably abrupt, the soft declines over the past two months should not cause too much alarm. The aggressive pace of home values over the past several years was known to be unsustainable. Buyers simply couldn’t afford it, so prices are correcting.'"

From Globe St. "'Historically, a slowdown in luxury homes sales is typically viewed as a precursor to a slowdown in the housing market as a whole,' Yin Ho, an associate in the real estate team of international law firm Withers, tells GlobeSt.com. 'The housing market through 2019 has already cooled measurably, but this could have been attributed to the rising interest rates in the early part of the year—which have since lowered—the effects of the Tax Cuts and Jobs Act of 2017, and general skepticism surrounding economic growth.'"

"In addition, housing sales have slowed for luxury home in particular, and Ho reports a surplus of mansions on the market. 'Luxury home sales represent only a small portion of the housing market, and the surplus issue in Los Angeles is so unique, that I would caution how this impact bears on the rest of the market,' he adds."

"Overdevelopment has also contributed to the luxury home surplus on the market. Developers under construction on active projects are now rushing to finish quickly. 'For developers who have already financed their projects and have started construction, they have little option but to finish as fast as possible and bring their project to the market,' says Ho. 'Experienced developers who forecasted and priced their projects conservatively and accurately are more likely to absorb the effects of a slowing market, or price reductions, which are now the norm. More speculative developers who entered the market after the peak or without sufficient experience are at a greater risk.'"

"'The pool of buyers looking to purchase luxury homes in Los Angeles has not changed, except that buyers are now in a superior bargaining position because of the surplus and cool or neutral status of the housing market,' he says. 'I think we will continue to see the volume of luxury sales occur at slightly less as the previous year, but that gross sales will decrease due to unrealistic asking prices. The difference between sophisticated developers and inexperienced or speculative developers will be apparent and this competition will inevitably force the latter to reduce asking prices. I don’t see the surplus landscape changing anytime soon.'"

From Mansion Global on Illinois. "An Illinois mansion that has appeared in the TV series 'Empire' and has been on a long-term hunt for a buyer has returned to the market with a price cut. The Barrington Hills estate—about 40 miles from Chicago—listed with a freshly discounted price of $9.5 million on Friday, $3 million less than the $12.5 million it asked when it was last on the market in May 2018."

"Listing records show the 17,597-square-foot home has been on and off the market since 2015, when it had an asking price of $13 million."

The Real Deal on New York. "A waterfront home on a 1.8-acre property sold for $10 million amid a quartet of sales in Bridgehampton, according to 27east. The 3,500-square-foot home at 422 Dune Road had initially hit the market for $16.5 million in 2016, but late last year saw its ask cut down to $12.95 million, according to Trulia."

The Business Journal in Ohio. "The Home Builders and Remodelers Association of the Mahoning Valley reports 162 new houses were built in Mahoning County in 2018, the most since the recession. In Trumbull County, 102 new houses were built, also the most since the recession."

"An obstacle facing new developments is the cost. Because house values in the Mahoning Valley remain low, buyers often find the cost of a new lot and construction exceeds the appraisal value. It’s a situation Mark Ramunno Sr., owner of Custom Design Homes by Mark Ramunno says is becoming more common."

"'A lot of our contracts are for more than the appraisal value of the home, so some people are in the negative the day they build their house,' he says."