seeing some price reductions and far fewer deadlines for offers. (and even that is specific to the area within the bay area)

What always happens is the sellers that waited for the peak only realize the peak after it has passed. Then a number of sellers jump in to the market and increase inventory, causing the market to slow a bit. Doesn't mean it's on a downward slide, but it usually skims the froth off the top, so we see price reductions from their wish prices and deadlines coming and going with no offers.