A pair of reports from New York. "Home prices in July in Dutchess County returned to an upward path, but the pace of gain is generally slower than it was a year ago. 'We're leveling out, somewhat, but we're not hurting by any stretch of the imagination,' said Sandy Tambone, executive officer of the service."

"Dutchess' June numbers showed a drop in price compared to June 2005. Sales of attached single-family homes, including condos, townhouses and co-ops, fell 27.1 percent. The Realtors' report for Ulster showed a 21 percent drop."

"Anita Drake, broker-owner at in Wappingers Falls, said the housing market has become very price-sensitive. 'Price is everything right now,' she said. Drake said buyers are being more cautious and have more to choose from. The inventory of Dutchess homes in July 1 rose 581 to 2,154, 36.9 percent higher than a year ago and apparently a new record."

The Daily Star. "Things have certainly changed in the housing market over the past year. 'Last year was probably my best year on record," said Robert Lawrence, broker-owner in Stamford. 'This year will probably be my worst year. My charts are way down.'"

"'We’re seeing a large decrease from last year,' Lawrence said. 'It’s almost an 180-degree turn.'" "More than 60 percent of the counties that report sales to multiple-listing services had a decrease in sales between June 2005 and this June. Barbara Roberts, broker-owner in Oneonta, said prices have probably dropped about 10 percent from the peak."

"The 'housing bubble' hasn’t necessarily burst, at least not in this area, brokers said. 'I don’t think there is a housing bubble (in this area),' said Carl Cohen, broker-owner in Oneonta. 'It really comes down to what the motivation of the seller is,' she said. 'If selling your home is a priority, you do what you have to do to get it sold.'"

"The balance has changed and is starting to become more level, said Salvatore Prividera Jr., spokesman for the association. 'Certainly, the market has slowed down statewide," Prividera said. 'The number of sales remains very strong when you put it in a historical perspective,' Prividera said. The housing market had started to pick up in 1995, he said."

"Roberts said it can be difficult for sellers to adjust or adapt to the cooling prices. Lawrence said that is hard for some sellers to understand. Some sellers haven’t paid attention to what’s going on in the market, he said.""'They heard so-and-so got that much,' Lawrence said. 'They think they can get that much.'"

"It’s just not realistic for sellers to expect the same rate of return their friends were getting a year ago, he said. 'What you want (to look at when setting a price) is what happened in the last three months,' Lawrence said. 'You’re dealing with the present, not the past.'"