by Calculated Risk on 11/14/2005 08:55:00 PM

CBS reports: Chill Settles Over Housing Market

"There is evidence of a cooling going on nationwide," she tells The Early Show co-anchor Julie Chen. "Median prices are falling some, inventory is up, rents are up, mortgage applications are down and if you look around, you probably see more signs for open houses, something that wasn't necessary just a couple of months ago. And more of those 'price reduced' signs as well, particularly in the luxury market.

"What's been happening, specifically, over the past couple of months is you have all these people putting their homes on the market. Investors and individuals alike are testing the market to some degree to see if they can cash out and get out while the going's good. That is pushing inventory up.

"But buyers aren't jumping in feet first, as they were just a couple of months ago. They are taking their sweet time and they can actually afford to take a little more time. There's more of a balance now between the buyers and the sellers that we haven't seen in quite awhile.

And the most "chilling" advice for sellers:

"You're probably not going to get the price you wanted for a comparable home six months ago."