A report from ABC 7 News in California. "The Bay Area remains a difficult place where few can afford to buy a house. And that may be one of the reasons why existing home sales are starting to fall by double-digit percentage points in one location -- the South Bay. The latest numbers from the Santa Clara County Association of Realtors indicates the number of homes on the market is rising. But the number of sales is on the decline. Rick Smtih is past president of the Association of Realtors."

"'We're in the teens in terms of percentage of population that could actually afford to buy a property today at the median price, so affordability is very, very low,' Smith says. Existing home sales fell 14.6 percent in one month's time -- from June to July this year. And down an even steeper 16.7 percent from July of last year to July of this year."

"One year ago, in places such as Mountain View, home to Google, homes were selling for 22 percent over the asking price. The market has cooled a bit. 'They're still selling for over the asking price but only 11 percent more,' said Smith. 'It doesn't sound like a lot, but on a $2 million average property, that's a lot of money. In addition, the days on market, that's actually more than doubled to about 18.'"

"'I don't expect a major correction in home prices and hopefully this slower price growth will actually give both incomes a bit of a chance to catch up so that we can repair some of this eroded affordability we've seen during the cycle,' said Jordan Levine, senior economist at the California Association of Realtors."

The Mercury News. "Could the South Bay’s super-heated real estate market finally be showing signs of cooling? More sellers in San Jose have been lowering their prices on Zillow recently, and rising interest rates have economists looking for a slow-down. Zillow found that prices in the San Jose region were cut on 9.5 percent of listings in June, up from just 7.2 percent a year ago. Sellers in the San Francisco and Oakland market cut prices at the same rate as last year."

"Redfin CEO Glenn Kelman told investors last week that homes are staying on the market longer in hot cities such as San Jose, Portland and Seattle. Buyers 'have finally had enough, at least for now,' he said."

From LA Downtown News. "One of Downtown’s largest developments has hit another milestone. Metropolis Tower II, a 40-story building with 514 condominiums, opened for residents on July 28. Construction wrapped earlier this year, according to developer Greenland USA, which is the U.S. branch of the Chinese firm Greenland. Prices go from $600,000 for a studio to $1,200,000 for a two-bedroom condo."

"The first tower in the $1 billion mega-project, a 308-unit, 38-story building, opened in 2017. The development’s Hotel Indigo opened last year as well, but was put up for sale in January. Earlier this year, Greenland USA put the last tower, a 56-story skyscraper that will have 736 condos (it is still in construction), on the market."

The Camarillo Acorn. "On a parcel of land off Ponderosa Drive, just north of the 101 Freeway, a parade of work trucks rumble by. The farmland between Las Posas Road and Central Avenue sits at the epicenter of a construction boom the likes of which the city hasn’t seen for over a decade. It’s home to four of the city’s seven housing developments now underway."

"The five companies overseeing this wave of construction will bring 1,364 new houses, townhomes and apartments to Camarillo city limits by 2020. The city averages about 2.7 people per housing unit, so that’s nearly 3,700 residents, or a population increase of about 5 percent, who could be calling Camarillo home by the time the last of these projects is completed. 'This is the busiest we’ve been with housing construction since the Great Recession,” said Joe Vacca, Camarillo’s director of community development."

"Many of these homes are presold, largely to people who already live in Ventura County, often in Camarillo, according to some sales managers for the developments. But those who move from one part of Camarillo to another still leave open housing, which will allow the city to grow and could potentially strain roads, parks, schools and other infrastructure. Officials say they’ve expected this growth and have planned accordingly."

"More construction could be coming as well. Some developments, like Walnut-based Shea Homes’ project at St. John’s Seminary, have approval but haven’t started building yet. Others, like ParkWest Townhomes near Pleasant Valley and Lewis roads, will begin construction in the coming weeks."

"The city recently bought the former Stock lumberyard, which could provide up to 75 new affordable housing units, Moe said, but that won’t be enough to meet state requirements. Private developers would have to be willing to agree to build low-, very-low- and moderate-income units in exchange for concessions, or breaks on city requirements, such as the number of parking spots for recreational vehicles."

"No developer has yet come forward to build a project where a majority of the units are designated as affordable housing, and David Moe, the city’s assistant director of community development said it’s unlikely one will because of the requirements surrounding the number of affordable units, current zoning and prevailing wage. But if someone does, space won’t be an issue, Vacca said: The city has room to grow for the next 10 to 15 years."