See Los Angeles Times, "April home sales in Southern California hit three-year low for the month":
It is shaping up to be a silent spring for the housing industry.More at that link above, and some graphics at "Housing Chill."
Warmer days and the need for many families to make a move during the summer school recess have long made spring the peak season for buying homes. But lingering economic uncertainties and the expiration of federal tax incentives — which juiced up sales last year — have turned the market soft.
April home sales in Southern California were down 9.2% from a year earlier. The figure, the lowest for April in three years, was 25.4% below the month's average since record-keeping began in 1988, DataQuick of San Diego reported Thursday.
The median price paid for a home in the region fell 1.8% from a year earlier to $280,000.
"The market is just kind of putzing along," said David Emerson, a Lakewood agent with Prudential California Realty. "This should be the hottest time of the year in terms of deals going into escrow, but — especially once you consider where interest rates are — it is still a struggling market."