The Hartford Courant reports from Connecticut. "Sales of single-family houses in Connecticut dropped sharply in September, raising concerns that prices may dip if sales continue to decline. The 25-percent plunge in sales in September, the deepest in 12 straight months of sales declines, caught the eye of real estate experts. They said the median sales price in Connecticut could not hold up if sales continued to fall at such a clip."

"'It would indicate that a price adjustment is on the way,' Ronald F. Van Winkle, a West Hartford economist, said."

"Each of the state's eight counties showed a decline in sales, with the largest drop coming in Fairfield, 30 percent. Fairfield was one of three counties above the overall percentage decline registered by the state. Litchfield County saw the most dramatic decline in median sales price, falling nearly 15 percent in September, to $231,500, from $271,250."

"'What you are looking at is a shift back to a more sustainable rate of sales,' said Barry Rosa, VP at Prudential Connecticut Realty in Rocky Hill. Median sales price increases have slowed because sellers are setting more realistic asking prices because there are more homes on the market than a year ago, Rosa said."

The New Haven Register. "The Warren Group in Boston reported a total of 3,043 single-family homes were sold statewide in September, compared with 4,043 the same month a year earlier."

"'Sellers were sticking to their price. But my guess is it will be hard to sustain double-digit declines in the number of sales for too much longer without sales prices coming down as well,' said CEO Timothy Warren Jr."

"Condominium sales plunged 27.3 percent, from 1,694 in September 2005 to 1,232 a year later."

"In the third quarter, Connecticut single-family home sales fell 20.3 percent, from 13,462 in the third quarter of 2005 to 10,730 a year later. Single-family home sales in Connecticut already had dropped 13 percent in the second quarter, 11.2 percent in the first quarter, and 14 percent in the fourth quarter of 2005, compared with the same periods a year earlier."

The New Jersey Herald. "A nationwide slowdown in the housing market has stalled the borough's Main Street renewal plan. With new home sales down 17 percent across the country, developer K. Hovnanian has decided to pull out of two proposed housing projects in the borough."

"The Hovnanian project was seen as the force that would bring new life to the barren downtown and help reduce the burden on borough taxpayers. 'What's down here right now? Nothing,' said Franklin Mayor Douglas Kistle, who recently saw six Main Street properties go up for sale."

"Hovnanian's departure reflects an ongoing trend among home builders scaling back on their production in response to a slowing housing market. In Green Township, Toll Brothers recently dropped plans for a 45-unit development because the economics no longer made sense."

"'Builders are pulling back because there's an oversupply of houses on the market,' said Walter Molony, a senior public affairs associate for the National Association of Realtors. 'Unless builders can be assured of healthy profits, there's hesitancy there.'"

"In Franklin, Hovnanian had proposed building 546 age-restricted units on a 103-acre parcel along Munsonhurst Road. The developer has withdrawn its two-year-old request for a zoning change."

"The cost of purchasing land, combined with New Jersey's strict regulatory procedures, has forced Hovnanian to abandon several projects around the state and cut some of its staff, company spokesman Doug Fenichel said."

"If the developer went forward with its Franklin projects, it might not make a profit when the homes are sold or, looking to make a profit, the homes would be overpriced and not sell, Fenichel said."

"'We'd love to be building in Sussex County. We think there's tremendous opportunities there,' Fenichel said. 'We need to find deals that remain economically viable.'"