Inman News reports on the latest numbers from the Washington, DC area. "Washington, D.C., metropolitan area dropped significantly between June 2005 and June 2006, while prices maintained modest growth, according to statistics released Friday by Metropolitan Regional Information Systems Inc."

"In Washington, D.C., home sales dropped 21.2 percent in June from a year ago. In Prince George's County, Md., sales fell 21.5 percent year-over-year last month. Sales in Montgomery County, Md., plummeted 31 percent."

"In Alexandria, Va., sales dropped 33.3 percent. Sales in Fairfax County, Va., sank to 1,680 in June, down 38.6 percent from 2,737 a year ago."

The Washington Post. "The era of double-digit property assessment increases for Northern Virginia homeowners appears to be over. Government officials say a rapidly cooling housing market means residents can expect minimal growth in the value of their property this year."

"In Fairfax County, listings of homes for sale have increased more than threefold since May 2005. 'The period of double-digit growth in home assessments has abruptly ended,' Fairfax County Executive Anthony H. Griffin told the Board of Supervisors."

The Baltimore Sun. "Housing sales in the Baltimore area skidded more than 22 percent last month from June 2005 levels, the biggest drop in more than seven years. Even Baltimore City felt the impact. Listings piled up and sellers in popular areas like Fells Point and Canton took price cuts."

"'The market has changed to significantly more sellers,' said (realtor) Stephanie Bamberger. 'The buyers I've been working with are not as anxious to jump on properties as they'd been in the past year. There's more hesitation and not wanting to pay the price sellers are asking.'"

"Celia Chen, director of housing economics for Moody's Economy.com said, 'Sales are slowing and house price appreciation is weakening. The housing market is definitely on the downside of the cycle.'"

"Home sellers increasingly are disappointed to find they need to drop their price or offer cash for closing costs to entice buyers, real estate agents said. 'Instead of 10 houses in your neighborhood for sale, there might be 20,' said agent Ann Mangels. 'If it isn't priced fairly, the place is going to sit there until the seller realizes they have to reduce it.'"

The News Leader in Staunton, Virginia. "Not long ago, the housing market in Waynesboro was a seller's paradise. Those days are gone, area agents say. Drive around any neighborhood in the area, and one is sure to find a 'For Sale' sign planted in many a front yard. Drive around the same neighborhoods next week, and chances are many of those same signs will still be found."

"(Appraiser) Bill Cason, said a 20-year cycle in the housing market has finally peaked. 'We're at the top of the cycle, and we're starting a downward trend,' he said. 'Now, it's going more toward a buyer's market.'"

"With 800 new homes planned in Waynesboro, Cason predicts existing home sales will take a hit. 'It's going to overload the market, it's really going to slow down,' he said. In fact, Cason said the slowdown has already begun. 'Our appraisal work has dropped off.'"

"One telltale sign of a slowdown is an increase in price reductions on homes already listed. 'There are a lot of price reductions coming through, more than we've seen in the last two years,' said (broker) Vonda Lacey. Lacey said anywhere from seven to 10 reductions occur daily."

"Like Lacey, mortgage banker Vickie Painter, said higher prices and higher mortgage rates are helping put the brakes on a once-blistering market. 'The buying power is changing,' she said.'The bidding war is done.'"