The Seattle Post Intelligencer reports from Washington. "For the sixth month in a row, Seattle had more homes on the market, fewer sales and higher prices than the previous year, according to new statistics for December."

"But the median house price of $420,000 was down from the previous month for the third time in the past five months, bringing it back to July's level, according to numbers the Northwest MLS released Friday. 'It's more of the same,' said Glenn Crellin, director of the Washington Center for Real Estate Research at Washington State University."

"Prices on comparable homes, particularly in higher ranges, are going down, but people are taking advantage of that to buy more than they could have otherwise, Crellin said."

"Michael Simonsen, CEO of Altos Research, in Palo Alto, Calif., has noticed cooling in the Seattle home market. 'Any comparison with last year is down in terms of demand and numbers of sales,' he said."

" Median prices have not dropped with the changes in inventory and sales because only the good houses are selling, Simonsen said. 'The lousier properties, they're either going off the market or they're just sitting around for a long time.'"

"Simonsen said 36 percent of properties currently on the market have had their prices reduced, relatively high, but lower than reductions of more than 40 percent seen in many San Francisco Bay Area markets. 'While we see some positive things to keep the bottom falling out, we don't see any big catalyst that will let prices jump upwards,' he said."

"Price cuts might not reassure already skittish buyers, Simonsen said. 'I kind of think that people are attuned enough to the bubble headlines that if we see year-to-year price declines that might even scare people.'"

"Lucia Riva, who bought a townhouse in Ballard last month, said she wasn't worried about price declines. 'You don't want to buy at the height of the market,' she said. 'Properties are taking longer to sell, but they're not on the market for months and months and months and months if they're appropriately priced.'"

The Mail Tribune from Oregon. "Existing home sales remain slow and prices have dipped slightly (in) Jackson County. While the number of new houses has fallen 42 percent, the demand for 'pre-sold' high-end housing has kept builders busy."

"'My understanding is that speculation houses aren't moving well and we don't build those,' said contractor Larry Denn."

"'Builders and developers have taken the hard hits and price adjustments. The reductions have been made and if people are going to get in, there is really is no better time than now,' said George Gardner of Diamond Key Builders."

"Median pricing for existing homes in Jackson County dropped 5.4 percent to $264,900 for the rolling quarter that ended Dec. 31. Eagle Point, Shady Cove and Talent saw the biggest declines."

"December's median price was $259,900, down from $285,000 a year earlier."

"'Most of us are waiting for the glut of inventory to get consumed to a level to where we're closer to the long-term standard in the marketplace,' Gardner said."