I’ve noticed lately an increase in the number of real estate signs and more importantly, that signs for the same property are hanging around for a few weeks and agents are having to do two or three open houses and open houses are nowhere near as well-attended as they were a few years ago.

This MercuryNews article (may require free registration) seems to be indicating a slowdown as well:

The median house price in Santa Clara County dropped to $705,000 in September amid signs this month that Silicon Valley’s red-hot real estate market is cooling.

New data available Tuesday also shows it’s taking longer to sell homes. At the beginning of the year, it would have taken 28 days to sell all the homes on the market in the county, given the pace of sales then. It would take more than 54 days today.