A report from the Marin Independent Journal in California. "Marin’s slump in sales was mirrored throughout the Bay Area. CoreLogic said. Across the Bay Area, sales fell 12.6% in June. The region’s median home price in June was $855,000, down 2.3% from $875,000 a year earlier. CoreLogic said the Bay Area home sales total was the lowest for a June in 11 years, and June 2018 was already weak."

"Andrew LePage, a CoreLogic analyst added that 'two Bay Area counties — Santa Clara and Sonoma — logged annual declines in their overall median sale prices in June. In both cases, this was the fifth consecutive month with a year-over-year decline. Five counties — Alameda, Marin, Napa, Santa Clara and Sonoma — experienced annual decreases in the median price paid specifically for resale detached houses.'"

The San Francisco Chronicle. "Peninsula Realtor Ken DeLeon noted that foreign buyers, especially from China, are still active in the $10 million-and-up range. However, their purchases of homes in the $2 million to $4 million range 'has tapered off, almost to zero,' The imposition of more stringent capital controls has made it hard for most people to get money out of China, unless you’re 'uber wealthy,' DeLeon said."

The Bay Area Newsgroup. "Year-over-year sales dropped 14.6 percent in Santa Clara County, 21.6 percent in Contra Costa County, 14.9 percent in Alameda County, 8.9 percent in San Mateo County, and 21.7 percent in San Francisco County, according to a CoreLogic report. 'Across the board, prices have hit a point where people have stopped responding,' said CoreLogic analyst Andrew LePage. Despite lower interest rates and more homes for sale, transactions have become sluggish, he said."

"Alan Wang, an agent based in Santa Clara, has seen buyers avoiding townhomes and condos in favor of single-family homes, even if they have to stretch their budgets and mow their own lawns. Homeowner association dues can add significant monthly costs to the properties, he said. Condo sales in the region fell 10 percent, and the median sale price dropped about 6 percent to $720,000, according to CoreLogic. 'They’re not selling,' Wang said."

"Wang sold a two-bedroom townhome in Campbell last year for $915,000. This year, a neighbor in the townhome community asked him to sell a similar unit. Wang listed the property at $899,000 and had little interest for months, he said. Finally, they advertised the property at a below-market 'teaser price' of $499,000, designed to ignite a bidding war. The price drew plenty of interest, but only 2 of 18 offers came in over $700,000. The property sold for $722,000."

From CNBC. "High prices are hitting the Southern California housing market hard, reversing the sales gains over the past few months. Sales have been falling on a year-over-year basis for 11 straight months. Sales of newly built Southern California homes in June were nearly 47% below their historical average for the month."

From Fox Business. "New home sales in the Southern California counties notched their weakest June since 2014. Sales fell across homes of all prices, but were steepest for those with price tags of $1 million or more. Out of all the California counties listed, Los Angeles experienced the sharpest drop – at 12.1 percent year over year."

The Los Angeles Times. "Richard Green, director of the USC Lusk Center for Real Estate, said today’s tight lending standards will provide a barrier against a wave of foreclosures similar to the one last decade that helped crash the market. Still, Green is more bearish than the Realtors. Citing a mismatch between incomes and prices, he expects the Southern California median to remain flat or perhaps decline 5% over the next two years."

"'The main thing,' he said, 'is that prices are too high.'"

The San Diego Union Tribune. "In a sign of a gradual cooling of the housing market, there were just 3,684 home sales in June, the lowest for that month in eight years. There were 7,066 homes for sale in June, said the Greater San Diego Association of Realtors. That’s more than the 6,413 for sale in June last year and 5,655 in June 2017."

"Raylene Brundage, an agent with Coldwell Banker Residential Brokerage, said closing sales has been more of a challenge since the beginning of the year as potential buyers, many of them millennials, have been hesitant to pull the trigger on a purchase. 'People are becoming, in my opinion, very careful about their money and what they’re getting,' she said."

"Brundage gave the example of a remodeled two-bedroom condo she recently sold in Hillcrest — considered by most agents an ideal location — after reducing the price. She said a relatively high homeowner association fee for the area, $579, turned off most buyers. After six months on the market, it sold for $475,000, down nearly $55,000, from the original asking price."

The Orange County Register. "'The market is in a correction,' said Jamie Duran, Southern California president of Coldwell Banker Residential Brokerage. 'We are coming off two of the slowest real estate market quarters in recent history.'"

"Market watcher Steve Thomas of Reports On Housing said that rate reprieve failed to resuscitate sales because too many buyers are priced out. 'You’d think with interest rates dipping down into the threes that it would entice more buyers to get into the market,' Thomas said. But, he said, 'people feel that values must be topping out, and when enough people feel that way, it slows the market. That’s the sluggishness that we’re feeling right now.'"

"Nearly 16% of sellers in Los Angeles and Orange counties lowered their asking prices last month, compared with 13.5% a year ago and 11.7% two years earlier, Zillow figures show. In the Inland Empire, 16.6% of sellers dropped their prices last month, vs. 15.8% last year and 12% two years earlier. That’s a sign that sellers 'are holding on to peak pricing, and we are past the peak,' said Duran."