The News Tribune reports from Washington. "Rising prices and sinking sales made for a mixed housing market in Pierce County last month as several thousand homes vied for buyers’ attention. Pending sales declined 21 percent, the largest year-over-year drop so far in 2007 and the biggest in the Puget Sound area. At the same time, the number of homes listed for sale skyrocketed, up 57 percent to 8,039 over the previous May."

"Agent Gail Jensen in Spanaway, who primarily works with sellers, said she’s counseling them to price smart. 'I haven’t seen a stagnant market like this in 18 years,' Jensen said."

"'It seems like the listings are not hard to get. What’s hard to get are well-priced properties. Sellers being realistic is one of the main problems,' said Dick Beeson, a MLS director."

"Dawn Cutts said she thought her 1925 Mediterranean home in Tacoma was priced at market value but reduced it this week by $45,000 to $850,000. On the market for about 45 days, the 3,600-square-foot house is taking longer to sell than she anticipated."

"'We didn’t get comments that it was overpriced, but we’re just anxious to sell it,' Cutts said."

The Daily News from Washington. "The housing balloon hasn't burst in Cowlitz County, but its definitely leaking. In May, housing prices fell below their levels in May 2005, marking the first year-over-year decline in the local market since October 2004."

"Lower prices are partly the result of a glut of homes for sale, according to the Tacoma-based listing service."

"'I think we are leveling off. We've caught up to the (national) trends,' said JoAnn Crayne, broker in Longview. Crayne said lower prices and a rise in home listings give buyers more choices, and sellers must be more patient. Sellers, she said, 'can't expect what happened a year ago when people were getting a couple offers a week.'"

"'Bargain deals are few and far between,' NWMLS director Kathy Estey said in a news release Wednesday. 'In spite of growing inventory, prices are still increasing and homes that are priced right are selling very quickly. Insulting a seller with a ridiculous offer is not necessarily a winning negotiation strategy.'"

"In Cowlitz County, 668 homes were on the market last month, up 60 percent over a year ago and the most at any one time since June 2001, when 689 homes were for sale."

"'We've hit a pretty tough trend. We're hoping we're at the end of that cycle,' she said. 'I'm looking for homes sales to continue picking up this month but I don't know about median price.'"

The Olympian from Washington. "Thurston County home and condominium sales gained some strength in May as sales dropped about 6 percent compared with a 15 percent drop in April sales, the Northwest MLS reported Wednesday."

"Real estate agent Blake Knoblauch said the county’s housing market still is strong, though he acknowledged that its biggest problem is that it has more than 2,000 listings."

"Home sellers today have to carefully consider the price, location and the condition of their homes, he said. 'Entice (buyers) with price and 'wow' them with value,' Knoblauch said."

"The first-time buyer continues to be shut out of the local housing market, said real estate agent Jackie Tosland. 'There has been a noticeable decrease in first-time buyers and lower-end homes,' she said."

"Real estate company Group 7 Inc. owner Ron Hill took a different view of the county’s housing market in May. 'It was hot as a pistol until mid-May and then somebody flipped a switch,' he said."

"Tighter lending standards have resulted in more buyers backing out of deals because they can’t obtain financing, Hill said. 'The people who shouldn’t be buying are now not buying,' he said."

The Seattle PI. "Seattle home sales shot up in May by 21 percent, compared with May 2006, according to the Northwest MLS. The number of homes on the market, however, shot up by an even-more-impressive 60 percent from May 2006. The county's total sales nudged up by just over 2 percent, while pending sales declined 7.5 percent."

"While the market is declining, it's still good, said Matthew Gardner, a local land-use economist 'We're declining from a peak.'"

"Seattle's May sales surge was largely due to condominiums, whose sales jumped by 74 percent. Gardner said completion of condos in new buildings like the Cosmopolitan and 2200, and subsequent flip sales of these units, can drive up condo numbers in particular months."

"Seattle's inventory of homes for sale has increased every month since April 2006. Gardner said he...doesn't expect an oversupply in the next couple of years. 'I'm getting a bit concerned about 2010, though,' he said. 'It looks like an awful lot of units will come to completion then.'"

The Idaho Statesman. "The vacancy rate for houses in Ada County has fallen dramatically in the last year, according to a recent industry survey. Industry members attributed the scarcity of houses for rent to increases in home values that have priced many area consumers out of the market, and to an influx of new residents who are choosing to rent while they decide where to live."

"'One big reason for these vacancy rates is because the three- bedroom house that used to cost $130,000 now costs $200,000,' said Patrick J. Chapman of Chapman Properties."

"Chapman, a 13-year veteran of the property management business, said some newcomers to the rental market include consumers who purchased homes with adjustable-rate loans and now have seen their monthly mortgage payment jump dramatically. They sold their homes or were foreclosed on and had to move into rentals."

"According to RealtyTrac, the most recent statistics available show that there were 424 foreclosures in Idaho in April, compared with 190 for the same month a year ago."

"Ada County had 116 filings in April, compared with 44 a year ago. Overall, there were 1,457 foreclosures in Idaho during the first four months of the year, up from 947 for the same period in 2006."

"'Lenders were letting just about every Joe into a home,' Chapman said. 'Now those lenders are foreclosing on a lot of those homes. And they have increased their lending criteria, which makes it impossible for some people to buy a home.'"