A report from Forbes. "Knock’s 'top ten markets with the most current listings predicted to sell below original list prices' include in descending order Miami, Chicago, Hartford, Houston, New Orleans, Tampa, Pittsburgh, New York, Jacksonville, and St. Louis. In Miami, a 2,050 square feet condominium on Brickell Key Drive was recently reduced by $125,000 to $1,100,000."

"Take a look at a 1,394 square-foot Long Island City condo in May listed at $1,350,000. Since then there have been two price cuts. Current listing price—$1,195,000. 'The biggest shift we are seeing is from a sellers’ to a buyers’ market over the last couple of quarters. More homes are selling for less than list price. It’s a balancing of the market where previously the market was getting ahead of itself and buyers stopped running after it,' notes Sean Black, Knock CEO."

The Press of Atlantic City in New Jersey. "'It’s only money,' an auctioneer said between bid calling Thursday morning at a foreclosure auction in the city. When the bids stalled, he coaxed them by saying, 'You came all this way.' Within 20 minutes, bidders spent close to $300,000 on real estate that had become the city’s property after falling into foreclosure."

"The auction, hosted by Max Spann Real Estate and Auction Company, of Hunterdon County, featured 35 properties — including commercial, multifamily, row and single-family homes — located all across the city, including one on the water."

"The starting bid on some of the homes was as low as $5,000. The auctioneer called it 'cheaper than a car' after starting higher but decreasing the amount until he found a bidder who bit. When a former bar on South Virginia Avenue went up on the block, he said 'there might still be a bottle of vodka in there' to entice buyers."

"Will Erb, president of the Sea Breeze Condo Association, went to the auction with a friend and neighbor who purchased a unit in the condo for $27,000 for his family, he said. He called it 'a steal' since condos were going for around $47,000 last year and have jumped to $50,000 since."

The Houston Chronicle in Texas. "Once listed at $16 million, the price for this 297-acre sprawling country estate in Brookshire was cut to $10.45 million. Three tracts of land span the estate; one tract houses the Brookshire Polo Club; a second is home to polo club and equestrian fields, a newly built Texas hill country house, stables and pecan orchards; and the third consists of mainly pastures that could be developed into a high-end country resort with build-to-suit homes."

The Los Angeles Daily News in California. "A gated and walled Tarzana home once owned by singer Carnie Wilson is on the market at $1.899 million. Property records show Wilson and her husband purchased the Tarzana home in 2006. But, according to foreclosure documents filed in the L.A. County Recorder’s Office, the couple had defaulted on their mortgage payments. The home was sold as a short sale in 2011 for $1 million, records show."

The San Mateo Daily Journal in California. "The home was listed for $1.2 million less than the median sales price in San Mateo. And it lasted less than two weeks on the market. 'It was a totally unique, one-off situation,' said San Mateo Housing Manager Sandy Council, regarding the single-family home in downtown San Mateo listed to sell for $499,000."

"A sale is pending for the small property once acquired by the city to convert into a park, and real estate experts agreed it is unlikely the historically-expensive market will see another home for such a low price any time soon. Realtor Ray Marino suggested any home listed for several hundreds of thousands of dollars will likely come with a few warts on it."

"Realtor Katie Gerhardt balanced that perspective by noting it is growing increasingly common for listings to drop lower than $1 million, as the market cools marginally and sellers seek to set a price inviting buyers to bid the sales cost higher. Regarding the current market slowdown she observed, Gerhardt suggested prices could be dropping temporarily as families head out of town for summer vacation. But she also maintained uncertainty over whether prices could stay as high as they have over nearly the past decade."

"'Everyone is kind of wondering when is it going to end,' she said. 'And when will it take a downturn?'"

The Auburn Examiner on Washington. "The general rule of thumb is that a balanced market is somewhere between 4 and 6 months of inventory.  However, we all know every city is different, and I’m beginning to think that this is just one more way Seattle (and King County) differ from the norm.  Let’s check out the data from the NWMLS for King County since January 2018."

"Obviously King County’s 'Balanced Market' is not somewhere between 4 and 6 months. As we can see in the chart above, the median price in King County fell from $650,000 in June of 2018, to $565,000 in January of 2019.  The average months of inventory during that time period was 2.0475 months, with the highest month of inventory in September of 2018, at 2.83 months. Thus, at just an average of 2 months of inventory, it was very much a buyer’s market based on the drastic median price decline."

"We have a dataset above that shows drastically declining AND increasing median prices when inventory is right around 2 months.  Further, we have a dataset above that shows a higher percentage increase in median price with inventory at 1.938 months in the first half of 2019, than when inventory was at .9966 months during the first half of 2018. Are you confused, because I’m confused. Months of Inventory is not the stat to reference when discussing what Puget Sound’s balanced market is."