A report from the Seattle Times in Washington. "Stay-at-home orders kept many potential homebuyers and sellers out of the market in April, sending prices in King County tumbling in May for the second month in a row. In King County, median prices fell 4% year-over-year, to $672,000, according to new data from the Northwest Multiple Listing Service. County prices also dropped 6% from April to May, the first time since 2014 that homes in the county have fallen in value between two months that typically bring a spring frenzy of homebuying."

"In Pierce County, median prices were up 7.2% compared to 2019, to $396,550. Snohomish county shoppers saw prices rise 3.2% from 2019, to $516,000. Kitsap, Whatcom and Thurston counties also saw price increases compared to 2019. In all those counties, though, prices have fallen for two months straight on a month-to-month basis. Brokers say that’s a sign some inventory was overpriced before the pandemic."

"'Before the pandemic, we had one million, two million-dollar homes on the Eastside,' said Dean Rebhuhn, the owner of Village Homes and Properties in Woodinville. 'They languished and they had to adjust.'"

From 5280 in Colorado. "The metro area saw 7,312 new listings in May, up 56 percent from April but still down nearly 17 percent compared to last May, according to the Denver Metro Association of Realtors. Homes sold in May declined nearly 20 percent from April. The metro is still a seller’s market, even though the average price of a home sold in May dipped slightly below $500,000. 'For as much as it’s a seller’s market, buyers are directing the show,' says Nicole Rueth, a DMAR Market Trends Committee member. Buyers are asking more questions and often visiting a home multiple times before putting in an offer–something not commonly seen in the last few years."

"The luxury market, though, is softening and shifting to a buyer’s market, especially when it comes to condos, says Jill Schafer, chair of DMAR’s Market Trends Committee. There’s a 'significant amount' of high-end condos for sale but jumbo loans were hard to come by during the stay-at-home order."

The Pittsburgh Post Gazette in Pennsylvania. "Georgie Smigel, a Coldwell Banker real estate agent who works out of Cranberry, said her team closed 29 sales in the month of May in communities that include Cranberry, Mars, Lawrenceville and communities throughout the North Hills. 'Depending on the price and condition, if it’s a great home we continue to get multiple offers,' she said. 'But I will say if a house is overpriced it will sit. Pittsburgh buyers are pretty savvy about values.'"

"Kim Marie Angiulli, a Coldwell Banker real estate agent who sells higher-end properties, acknowledges the market is not as robust for homes in the higher price ranges because the pool of buyers is smaller. 'For homes in the $650k to $850k range, that market is a little sluggish,' Ms. Angiulli said."

From AM New York. "According to RealtyHop, several New York City neighborhoods saw listings with price drops, but the top five were all in Manhattan. The neighborhood with the highest number of price drops in May was Lincoln Square with 47 total drops. Outside of Manhattan, Brooklyn’s Bushwick North area had the highest median percentage price drop with a median drop of 20.9%. Following behind in second is the Bronx’s Van Cortlandt Village with a median percentage price drop of 16.7%."

From Bloomberg on New York. "The condo on the 88th floor, with postcard views of Central Park, sold on May 29, according to city records. The seller paid US$47.4 million for the unit when it was completed in 2014. The city records indicate the buyer and seller are related. That suggests the resale, a 41 per cent discount to the original price, is not necessarily indicative of the unit's true market value."

"The seller was not a third party, according to person familiar with the matter. The recorded sales price would mark the biggest discount to date at the 1,004-foot (306-metre) skyscraper, once the icon of Manhattan's ultra-luxury condo boom, according to Jonathan Miller, president of appraiser Miller Samuel Inc."

"Extell Development broke ground on One57 in 2009. With little competition, it quickly drew global investors who payed large sums for homes they rarely lived in. Now, buyers at One57 have increasingly been trading their homes at a loss as new projects proliferate in Manhattan and create a glut of high-end choices amid slackening demand. In 2017, resales at the tower averaged 25 per cent less than their 2014 purchase prices, according to Miller Samuel Inc data."

From Livable on California. "According to Realtor.com’s May 2020 Monthly Housing Market Trends Report, new home listings in the Los Angeles-Long Beach-Anaheim, CA metropolitan area fell 30.3 percent over the same month last year. The active listing count, which represents the total number of listings on the market whether they’re new or stale, declined by 17.3 percent. The typical home spent 67 days on the market, which is significantly higher than the May 2019 median of 25 days."

"Naomi Klein, the Estate Director for Compass Los Angeles’ Sports Division notes that in real estate, there is a system of checks and balances to determine the true value of a home. Inspections and appraisals help to ensure that a buyer isn’t overpaying. Klein’s client put forth an offer that was $5,000 above the list price, which was accepted by the seller. And in the end, the house appraised for a whopping $192,000 over the selling price — something Klein says rarely ever happens."

"Keeping a level head and having trust in your homebuying team is essential when engaging in a bidding war, as emotions can quickly get the best of you. 'Never negotiate against yourself, never negotiate against your fears,' said Klein. 'If the appraisal comes back under [your offer price], at that point you should decide if you still want the house. Just don’t psyche yourself out!'"

The Los Angeles Times in California. "The price keeps plummeting for Craig Ferguson’s Craftsman compound in Hollywood Hills, as the comedian and TV host has lowered the asking price to $4.199 million. It’s his fourth price cut since listing the place for $6 million early last year. Ferguson could still turn a profit on the property; records show he picked it up for $4.1 million in 2012."