The housing bubble is losing some air in the northwest. "Home prices on the Eastside climbed to a record high last month, while home prices in southeast King County were 13.1 percent higher in February than they were a year ago. In southeast King County, the median price of homes and condos whose sales closed last month was $294,000, a 13.1 percent increase over the $259,950 median price a year ago, but down slightly from the record $309,000 recorded in January."

"The countywide median price for closed sales of homes and condos last month was $344,950, down from $352,000 in January but up 11 percent over the $309,950 recorded in February 2005."

"Rising home prices are to be expected, especially when combined with the limited supply of available properties. But area real estate agents say those conditions have yet to create a frenzy among home buyers in King County, at least not so far this year. 'I believe a lot of (buyers) are on the sidelines waiting,' said (Bellevue realtor) Julie Varon. 'People are taking their time and are not being as fearful (of losing out in bidding to buy homes).'"

"The number of closed sales of homes and condos on the Eastside fell to 683 last month, down 12 percent from the 777 closed transactions recorded a year ago. The number of pending sales on the Eastside, meaning sales of homes or condos that were agreed to but have not yet closed, totaled 948 in February, down 18.6 percent from a year ago.'

"The housing market around Puget Sound has slowed from its blistering pace of a year ago, meaning some sellers don't get multiple offers and some have to lower their prices."

"'Last year, at least half of the homes had multiple offers,'Kim Emmons in Maple Valley said. 'Now it's more like 10 percent.'"

From Oregon. "In Lane County, there are some signs of a slight cool-down. The county's inventory of homes on the market grew modestly in January, reaching its highest point in two years, after months of a squeaky-tight supply featuring bidding wars among buyers. Also, the median sales price has flattened after accelerating rapidly over the past two years."

Check out the listing increases and pending sales declines on the Northwest MLS release.