A report from Market Watch. “Frederick Warburg Peters, the president of Coldwell Banker Warburg, sounded a grimmer outlook for the Manhattan real-estate market in his own second-quarter market report. ‘Throughout the second quarter, that slowdown has accelerated: fewer signed contracts, fewer bidding wars, more price reductions, and a gradual increase in available inventory,’ he wrote. ‘The gradually slowing sales market manifests in all boroughs and at all price points throughout the city.'”

From Newsweek. “One analysis just out has shown that prices in the Arizona state capital may be on their way down. Independent real estate market analyst John Wake showed that prices in Phoenix had been growing steadily throughout 2021 from $365,000 to $458,000, before hitting a peak of $515,000 in May 2022. But between May and June, the median price has gone down by $10,000 and now sits at $505,000. It prompted housing journalist Lance Lambert to share the graph, ‘Did the home price top already get blown off in Phoenix?'”

“Chief Strategist of Quill Intelligence, Danielle DiMartino Booth, tweeted last week that in the Austin, Phoenix & Las Vegas metro areas ‘a third of June listings had price cuts.’ ‘In the month of May, everything came to a screeching halt,’ she added.”

Flagstaff Business News in Arizona. “Realtor Freddi Paulsrud of Russ Lyon Sotheby’s International Realty: ‘And the market can change very quickly. We saw it’s meteoric rise in the last year, and in the last month it changed once again, on a dime…We don’t’ have as big of a buying audience in Flagstaff as we did in the past two years…It’s important that we, as realtors, have a team to discuss ideas. It takes strategy to sell a distressed property and it takes strategy to get the most money for our sellers in this market, while still keeping their heads in reality.'”

From KDVR in Colorado. “Prices have stalled and inventory climbed through the late spring and early summer months. The Denver market’s competitiveness is no longer at the delirious stages it once was, according to Nicole Rueth, producing branch manager and SVP of The Rueth Team of Fairway Mortgage. Home sellers cannot command the prices they did when inventory was at its lowest.”

“In January, the Denver metro area had only 1,719 new listings for single-family homes. In June, it had 5,674. ‘Buyers are using discernment,’ said Rueth. ‘If they think that home price is too high, then they’re going to ignore it. And we’re seeing that. We’re seeing a lack of showings, we’re seeing a lack of offers and we’re seeing longer days on market for those homes that come out wanting whatever their neighbor sold for last week or last month.'”

The Seattle Times in Washington. “The Seattle-area housing market is offering homebuyers new leverage and, in some cases, cheaper prices. More houses are sitting on the market, fewer people are buying homes and home prices in some areas are dropping, according to the Northwest Multiple Listing Service. Sellers are more realistic and willing to work with buyers,’ said Margo Wheeler-Willis, a John L. Scott agent in Tacoma.”

“In King, Pierce and Kitsap counties, twice as many homes were still for sale at the end of June than at the same time last year. In Snohomish, more than three times as many homes were for sale. Across all 26 counties the NWMLS covers, the number of homes and condos still listed for sale at the end of the month was the highest since October 2019. The median home price in King County, which reflect sales that closed in June, is down 6% from May. The recent change is especially apparent on the Eastside, where the median sale price dropped 13% in the last two months.”

“Sellers are coming to grips with the shift, too. In May, sellers dropped prices on 27% of listings in Seattle, 48% in Tacoma, 54% in Everett and 36% in Bremerton, according to Redfin. Some homeowners ‘think they’re still in the market that we had as late as February, March and April of this year, which it isn’t,’ Andrea Keyes, a RE/MAX agent who works with buyers and sellers in Kitsap County. ‘It’s evidence of sellers coming back down to Earth.'”

The Review Journal. “Southern Nevada house prices fell last month for the first time in more than two years as increased borrowing costs threw cold water on the once-sizzling market. At the same time, the tally of available listings shot higher, as 5,746 houses were on the market without offers at the end of June, up 61 percent from May and more than double from June of 2021, according to LVR.”

“‘Rising mortgage interest rates sparked a slowdown that was bound to happen at some point,’ LVR President Brandon Roberts said in a news release. ‘Local home prices can’t keep going up at the rate they have been the past few years. More stable prices, along with the increasing number of homes on the market and decreasing number of homes being sold, are providing some relief for potential buyers.'”

The Orlando Business Journal. “More Orlando sellers cut their listing prices last month than at any point since at least 2018, signaling a shift from the whatever-it-takes housing market faced by buyers for two years. From May 30-June 26, 8% of metro Orlando home listings recorded price cuts, according to Redfin Corp. That’s the highest number since December 2018, the oldest data available from Redfin. It’s a stark reversal from the last two years, when the Central Florida housing market was so competitive that a home’s list price typically was considered its starting price, with bidding wars only driving prices upward.”

“It’s a stark reversal from the last two years, when the Central Florida housing market was so competitive that a home’s list price typically was considered its starting price, with bidding wars only driving prices upward.  However, price reductions increasingly are common this year, said Armel Real Estate Inc. broker and CEO Deanna Armel. ‘Now people are far more calculated about what they’re willing to offer because of the rates.'”

The Times Standard in California. “There were 365 residential properties listed for sale in Humboldt County at the time of the report, of which 153 were not fixer-uppers. Of those 153, 14 were under $300,000, 66 were under $500,000 and 23 were more than $1 million. ‘May and June saw more properties being listed and in June 2022, the sale to list price dropped below 100% for the first time since the January/February, which shows either a glut of properties, properties listed over value and/or the effects of extreme interest rate hikes mid-month. Possibly, all of the above,’ the report states.”

The Globe and Mail in Canada. “Real estate agent Leslie Battle has a frank message for sellers who wonder if they missed the Toronto market peak. ‘Yes you did. I’m sorry, but you did. There’s just no other way to say this.’ Ms. Battle does much of her business in the luxury pockets of west-end Toronto and Etobicoke, where low inventory has kept prices stable, but the froth has dissipated. Three weeks into May, homeowners were still holding on to their desired price. By the third week of June, they began to grasp the veracity of the slowdown. ‘Their heads are spinning,’ she says.”

“She adds that agents need to have forthright discussions with sellers about current prices. ‘Psychologically, they’ve got to be brave enough to tell them ‘this is the price right now.’ It’s the best we can do,’ she says. ‘Craziness is gone. We all knew that was unsustainable. Don’t bank on craziness for a very, very, very long time.'”

“Elli Davis, real estate agent with Sotheby’s International Realty Canada, is getting calls from serious sellers and others who are just testing the water. Those who say ‘I’ll see if I can get $4-million for my house – if I can’t, I’m not selling,’ are not ready, in her view. As for the mindset of buyers, Ms. Davis is seeing more caution these days. She doesn’t believe buyers who plan to stay in their home for the long term have any reason to panic. ‘It’s a correction but it’s not drastic at this point,’ Ms. Davis says. ‘It might not be drastic.'”

From Global News in Canada. “Housing prices have dropped for the fourth consecutive month in the area in June, according to the Kitchener-Waterloo Association of Realtors. After the average sale price reached a peak of $1,007,109 in February, that number slid down to $791,674 in June, the realtors say. KWAR says 1,285 new listings were created last month, which is an increase of 49.2 per cent over a year earlier. ‘For the fourth consecutive month we’re seeing home prices moderate as the number of properties available for sale has steadily increased,’ KWAR president Megan Bell stated.”

From News.com.au. “According to SQM research, five Australian capital cities recorded a decrease in asking prices in June, after the cash rate was increased to 0.85 per cent. First National Real Estate CEO Ray Ellis says while property prices may be decreasing in some cities following the Reserve Bank of Australia’s (RBA) rate hike, the demand for properties remains. ‘Don’t get greedy, a realistic price on a realistic house or an apartment in a realistic suburb will sell for a good price,’ Mr Ellis told news.com.au.”

From Yicai Global. “Shanghai’s second-hand home market is booming, with a fast turnover of properties and high prices. However, in most other parts of the country, there are not enough buyers for the glut of pre-owned homes coming on the market as China relaxes real estate curbs. ‘I am planning to sell my apartment in downtown Shanghai,’ said Wang Mei, a white-collar worker. The real estate agent told me that there is no need to reduce the asking price as the deal could be closed in as little as a week.”

“The number of pre-owned homes up for sale in Chongqing, southwestern China, has doubled in the past month to 17,400 units, according to Lianjia data. In Chengdu, southwestern Sichuan province the number jumped nearly 10 percent to 171,000 units and Hangzhou in eastern Zhejiang province saw 7,000 more such properties listed for sale in the last 10 days of May, bringing the total to 95,000.”

“In Nantong, a city close to Shanghai in neighboring Jiangsu province, there are 64,590 pre-owned apartments on the market, a gain of 2,000 units from early March, according to Beijing-based Lianjia. It may take more than five years for all the apartments to be sold based on the city’s usual sales rate, it said. ‘Selling pre-owned apartments has become really hard recently,’ said Jiang Min, an apartment owner in Nantong. Jiang’s apartment been on the market for eight months, and the number of potential buyers asking to view it are getting fewer and fewer.”

“Over 230 apartments in her neighborhood are for sale and almost every unit’s price is falling, she said. The asking price of some apartments has dropped by CNY200,000 (USD29,821) and some even by CNY500,000.”