A report from the Seattle Times in Washington. "Homes are sitting unsold for weeks. Bidding wars are becoming less common. More sellers are even dropping their asking price to attract buyers. The change began suddenly in May — normally the peak buying season — and has only accelerated since, according to new data released Monday. The number of homes for sale across King County jumped 44 percent in July from a year ago, the biggest increase in a decade and the third straight month of huge inventory growth, according to the Northwest Multiple Listing Service. Inventory now exceeds 2015 levels, reversing three years of steep declines."

"King County’s median house price of $699,000 in July was down $27,000 from the record highs reached a couple of months prior. That’s not a normal seasonal drop; just the opposite: Last year, July was the most-expensive month of the year in local real estate. Seattle’s median house price of $805,000 was down $25,000 from the high point reached in the spring and was the lowest since last winter, as inventory in the city shot up a whopping 60 percent. Prices on the Eastside fell $30,000 in one month, to $947,000."

"'I think we’ve hit a bit of a plateau, pricewise,' said Allie Howard, a Windermere broker in Seattle. 'We’re starting to see what the ceiling looks like.'"

"Zillow reported that the share of local home listings with a price cut has grown to its highest point in four years, and has doubled just in the past four months. About 12 percent of listings in the Seattle metro area had a price cut in June, just behind the national rate of 14 percent."

"The market cool-down is part of a national trend as inventory finally starts to tick up after years of decline, and price growth continues to moderate. But the Seattle area stands out on the national stage: It saw the second-biggest jump in homes for sale in the country, according to Realtor.com"

"Real-estate experts pointed to a variety of factors driving the cool-down: Rents have stabilized, putting less pressure on first-time buyers to get out of their apartments. Mortgage rates are at their highest point in years, eating away at buying power. Population and job growth in the region, while still strong, has waned. Some agents have reported falling interest among Chinese buyers. The natural question now becomes: Is the market simply taking a breather before surging back up again, or is this the beginning of a new normal — or, even, a sign of a bubble beginning to form?"

The News Tribune in Washington. "Demand for affordable homes in Pierce County has boosted median sale prices in rural areas by nearly $71,000 in the last year, according to the Northwest Multiple Listing Service. 'Pierce County has, for a handful of years, been the affordability solution for buyers who would otherwise buy in King County,' said Mike Larson, president/designated broker, Allen Realtors, Lakewood. 'I think the craziness of the King County market has magnified that fact even more. Buyers are willing to spend two or three hours in their cars each day if it means buying twice as much house.'"

"Area agents and brokers are doing their parts to calm the clamor spilling from King County. 'The expectation of multiple offers and the ability of sellers to simply dismiss inspection repair requests is behind us,' Larson said. 'The days of doing a market analysis and then pushing the envelope on the list price an extra 5 percent are gone. Ultimately, I think that’s healthy for the market.'"

From The Reflector in Washington. "Housing market trends have national media calling it the start of a broad slowdown of the market. Real estate agents are seeing some early impacts in Clark County but overall the market remains strong. Real estate agent Luke Loiselle says that those who are a part of his Keller Williams Realty team have noticed some 'softening' of the market."

''I would not call it a crash, or any other alarmist term yet,' Loiselle wrote in an email about what he has seen, 'but we are definitely seeing more inventory, more days on market and more price reductions. Don’t get me wrong; we are still rapidly accelerating.'"

"Further adding to a housing market slowdown is interest rate creep, Loiselle said. According to data from the Freddie Mac Economic Housing and Research Group, rates have risen steadily this year for 30-year fixed home mortgages, now currently sitting at about 4.5 percent. Loiselle said that every percentage-point interest rate increase translates into a 10 percent drop in buying power."

"Loiselle said although the market softening is across the board in Clark County properties, some areas where it’s more sluggish were places farther out into the county as well as pre-existing homes that are near new construction similarly priced as buyers can get something new for not much more."

"Loiselle said there were some advantages for those looking to sell in the current market, if they were planning to buy a new home as well they can take advantage of interest rates that are trending upward. First-time homebuyers could also benefit, given that it would take a while for the slowdown to lead to a better deal than what is current — some four to eight years. 'If that is your goal, be OK with waiting for many years before you purchase,' Loiselle said."

"For those looking for a home sooner, now might be the time. 'Waiting until next year, you are only going to see higher interest rates and higher prices, because it will take time for that higher interest rate to adjust to the prices coming down a bit,' Loiselle said."