KXLY 4 reports from Washington. "Downtown Spokane showed off its increasing number of condominiums to the public on Saturday. Developers say they are still selling condos, just not as fast as before. Several major, high-end downtown housing projects are in the works. But soaring construction costs and high condo prices have stalled the market."

"The number of condos in Spokane has grown considerably in the last two years, fueled by speculative buyers and developers. Real estate statistics show the pace of new units in 2006 above any period since 1979. But even as more projects get announced, it's taking longer for the plans to be put to use. Developers don't believe the bubble has burst, it's just a little deflated."

"'In the earliest days, we were selling from plans before they were built. Now we're having a bit of inventory. A lot of the announced projects that haven't happened, I think are part of a fraction of the fact speculators are not driving the price like they were for a while when they were buying everything,' says developer Ron Wells."

The Bellingham Herald. "Whatcom County continues to climb on a national list of most overvalued home prices, but part of the reason is what’s happening across the country."

"A housing valuation analysis...estimates this area was 47.1 percent above what housing prices should be in the first quarter of 2007. That continues to be the highest in Washington state."

"Bellingham is no stranger to this study, having been ranked high on the list since 2005, when home prices began to appreciate significantly."

"We’re having a softer landing than elsewhere,' said said Glenn Crellin, director of the Washington Center for Real Estate Research at Washington State University. 'I don’t want consumers to think their homes will continue to appreciate as we’ve seen in previous years. This is an indication that we are weathering the slowing real estate market better than other communities.'"

"Crellin speculated that the slight rise in home prices may be a result of the slow softening of the market."

"'Buyers are seeing some deals out there, but instead of taking the savings, people look at bigger homes,' Crellin said. 'So while the number of homes sold is down, the ones that are selling are being bought by people who are getting the maximum their budget allows.'"

The Beachcomber from Washington. "To those who care about affordable housing, the statistics are sobering. Consider that there are currently more houses on Vashon listed at more than $1 million (17) than those listed at less than $400,000 (15, one of which is a tiny cottage)."

"Or compare last year to this year: By this time last year, 19 homes for less than $400,000 had closed; so far this year, 11 have, according to statistics gathered by Emma Amiad, a buyer’s broker."

"Even as home prices remain high, there are other signs that suggest the market on Vashon, like markets elsewhere, is softening. Houses, especially high-end ones, are sitting longer, said Dick Bianchi, owner of the Windermere office on Vashon."

"And second-home sales, often a big part of the Vashon’s market, are not nearly as brisk, said Denise Katz, a Windermere agent."

"As a result, there’s a larger inventory of houses on the market than agents have seen in a while, and the gap between pending sales and active listings is far greater than it was just six months ago, according to an analysis Bianchi recently made."

"'I would expect to see a slight turn to a buyers’ market with more moderate growth this year,' he said."

"Agents at other firms agreed that Vashon’s housing market is softer than it’s been in a while. Rising interest rates have meant fewer potential buyers; meanwhile, some sellers on Vashon, who have watched housing prices climb 15 to 20 percent year after year, are assuming that kind of escalation is continuing, and are thus asking too much money for their homes, agents said."

"'What I see, whether it’s because of agents or the expectations of sellers, is that people are listing their houses above market,' said Ken Zaglin, co-owner of the John L. Scott franchise on Vashon. 'I think a lot of the inventory we’re seeing is 10 to 15 percent above the market.'"

"The kind of phenomenon is not unusual in a market that has witnessed several years of rising prices, he added. 'When you’re in a highly escalating market...no one wants to leave money on the table. But as the market begins to slow, which you see with higher interest rates, you can start to have a sense of invulnerability. When people price ahead of that curve, things languish. And we’re seeing a bit of that.'"

"'If I were a buyer, I’d be waiting for sellers to become more realistic,' he said."

"Joan Newcomb finds Vashon’s current housing market troubling. 'Manufactured homes are going for $300,000,' she said. 'It’s rather insane.'"

"'It doesn’t feel like a buyers market yet,' she said. 'Things are just awfully pricey. They come onto the market just way too overpriced and then they sit for a long time.'"

The Register Guard from Oregon. "In Lane County, 193 condominium units changed hands last year, with a median price of $168,000, said Natalie Middleton of the Regional MLS in Portland."

"Although real estate people say there is a brisk market for condos, requests for conversions of apartment units to condominiums have slowed considerably, said Linda Dawson, grants manager for the city of Eugene and tracker of conversion permits."

"Dawson said she's had only one request besides Westmoreland, and that for only five units, in the past several months. 'A year ago, even six months ago, I was getting a lot more calls (about conversions),' she said. 'But it's not an overwhelming number any more, it's really fallen off.'"

"In Westmoreland Village, the four one-bedroom models, with about 500 square feet, will be offered at $94,900, and the remaining 82 units, which have two bedrooms, will start at $99,900, developer Mike O'Connell Sr. said."

"Eventually, each duplex and fourplex building will be sold, 'probably 90 percent to investors' who will maintain them as rental units, he said. Prices have not been established for those buildings."

The Idaho Stateman. "Steve Hosac is president of The Hosac Co., which is building the CitySide Lofts, a 77-condo project at the southeast corner of 13th and Myrtle streets."

"What is the status of the CitySide Lofts? 'We're in the final stages of completion of Phase 1, which is 42 units. We're in the neighborhood of just under 30 sales. We have eight or 10 units where people have already moved in.'"

"What's the price range? 'We start at about $220,000. I think our most expensive condos are in the low $400s.'"

"Is that what is considered affordable housing today? 'There are as many definitions of affordable housing as there are people who have an opinion. But there is no doubt that, across the board, we are significantly lower than any other condo project planned or under construction.'"

"There are about 1,000 condos planned or under construction Downtown. Are we over-saturating the market?"

"'If everything that is being planned were to go online all at once, it would be too much for the market to absorb. Everybody is saying 'We want to get started, we want to get started.' But the reality is that with financing and marketing, getting approvals and taking reservations, it's unlikely that's going to happen.'"