The LA Times reports on the condo market. "Buyers seeking condos have scads to choose from, but if it's bargains they want, they should probably hang tight a bit longer. It's unclear how long these high prices will last, but appreciation rates already have slowed dramatically."

"If history is a guide, condo and single-family-home prices will 'dance to the same tune,' said John Karevoll, chief analyst for DataQuick, meaning that the two types of housing will adjust together. Condos and single-family homes have historically declined in tandem the first 5% to 7% of a market slide. Condo prices then tend to drop slightly more."

"Condos and single-family homes are sitting on the market longer than last year in part because sellers are holding out for top dollar and buyers aren't jumping into purchases, waiting to see if prices will fall. 'I had 50 buyers bidding on 25 condos a year ago,' said Walt Tamulinas, an agent in Yorba Linda. 'Now I have 75 condos with 25 bidders.'"

"In downtown Los Angeles, there is a glut of units, said Stephen May, a veteran broker. The broker's sales count through June of this year is half that of the same period last year, he said. Today, seven condo units are listed for every one that sells."

"May recently represented a seller who had bought a condo last November for $385,000. She listed it in early July for $485,000, with a warning from May that she should be prepared to reduce the price. She quickly did, to $450,000, then $419,000, the price of five others for sale in the building. May urged her to drop the price to $395,000, which would set her apart from the others, but she refused and the sales contract expired. The condo no longer is listed."

"'Her property isn't worth what she wanted it to be,' May said. 'It's hard to accept that prices are going down.'"

"Gary Schaffel in Van Nuys, a prolific San Fernando Valley builder of condos ranging from $500,000 to $1 million per unit, said he's taking a more conservative approach about future deals. 'We're keeping the same pace for the projects that are already rolling,' Schaffel said. 'But I want to see the land prices dip more before I make future land purchases.'"

The Half Moon Bay Review. "Slipping home sales across the nation have left Coastside real estate professionals rethinking the local market. 'One thing is for certain,' said agent Jack Wagstaff. 'It's not a seller's market anymore.'"

"John Gieseker, president of the San Mateo County Association of Realtors, attributed the slump to higher interest rates and a steady, but unsustainable period of growth that has occurred over previous years. 'The kind of double-digit growth we've had can't go on forever,' he said. 'Markets have to fluctuate.'"

"'I'd say that demand is still there,' said Cid Young, a Realtor in Moss Beach. 'But the 'wealth effect' is dropping. People are having to suggest more realistic asking prices when they put their homes on the market. You just have to remember: it's not last year's market. Get over it,' she said.'