Dataquick has some Bay Area numbers out. "Bay Area home sales in April dropped to their lowest level in five years as prices slowly reached a new peak. A total of 8,358 new and resale houses and condos were sold in the nine-county region last month. That was down 14.2 percent from 9,745 for March, and down 25.1 percent from 11,158 for April last year, according to DataQuick."

"Last month was the slowest April since 2001 when 7,193 homes were sold. April's year-over-year decline in sales was the steepest since November 2001 when sales dropped 27.2 percent to 6,644 from 9,122 one year earlier."

"'These are strange times for forecasters and analysts. Are we heading into a market lull? Or are we seeing the beginning of a significant downturn? Many of the fundamentals for housing are at a crossroads: Inflation, interest rates, demand, household incomes, prices, and whether homes are a good investment compared to other investments. Summer is going to be interesting to say the least,' said Marshall Prentice, DataQuick president."

The Monterey Herald. "Inventory is up, sales have slowed and median home prices in Monterey County have slipped for two straight months. Median home prices for single-family, detached homes for March dropped 2.1 percent from the previous month, according to California Association of Realtors data."

"The Monterey County peak median home price was $700,000 in February, but that number slipped to $685,000 in March and $670,000 in April. Sales activity in Monterey County was up by 45.2 percent over February, but showed a 25.4 percent decline from March 2005."

"The year-to-year change varied widely by region within the county, dropping 10.3 percent in Pacific Grove, where the median home price fell from $895,000 to $802,500. San Benito County lost ground, with minus 2.4 percent figures year-to-year."

"The number of closed sales for the quarter ending March 31 was lower than the same quarter the previous year, 563 compared with 76, and inventory continues to rise. Homes are staying on the market almost twice as long as a year ago."

"Sandy Haney, chief executive officer of the Monterey County Association of Realtors said, 'but it's definitely becoming a buyer's market.' It's a trend showing up in the lists they present after inspection, which are growing longer and more detailed as buyers grow more confident."

"'Buyers are definitely back with a vengeance,' said Haney. 'They were stomped on for so long.'"

"The high-end markets of Pebble Beach and Carmel have slowed. In North Salinas, there's been a flurry of middle-class buy-ins to new home developments such as Creekbridge, which in its first phases pushed the demand for existing homes down because of all its modern amenities. New housing developments at Fort Ord in the future also are likely to soften the local market in the short term, Haney said."

"'We're going to see changes we haven't seen in this area for a long time,' she said. 'It's going to be interesting to see where the housing market goes.'"

"Haney said there's little likelihood the bottom would drop out of the real estate market. But Haney said there's been an even greater shift in terms of what homeownership means to most buyers. 'Homes are no longer forever,' said Haney. 'Now, they're more of an investment. The real estate industry is already metamorphosing.'"