A report from the Los Angeles Times in California. "The Southern California median home price barely budged in May, a sign that the housing market remains soft despite a sustained drop in borrowing costs. In May, there were nearly 12% more homes for sale than a year earlier, according to Zillow. Sales, meanwhile, dropped 2.7% from a year earlier. 'Some buyers are kind of waiting on the sidelines,' said real estate agent Nabil Suleiman. 'They believe we are going to see a correction.'"

"To close a deal, more sellers are trimming asking prices or paying for repairs, said Amber Dolle, a San Fernando Valley real estate agent. In May, 14.5% of listings in L.A. County had at least one price reduction, up from 11.9% a year earlier, according to Zillow. 'Buyers are becoming a lot more judgmental,' Suleiman said."

"Last weekend, an agent working with Suleiman held an open house at a three-bedroom home in Westlake. An investor last year paid $550,000 for the house, located just 70 feet from the 101 Freeway. As of Sunday afternoon, the agent said about 15 groups of people had strolled through the 1908 property that was revamped 'from the ground up' and listed at $899,000. Marketing materials for the house cite new plumbing, a new foundation, new roof and 'rain barrels for water conservation.'"

"Among those who stopped by was Charles Doan, who said he was looking at houses for a relative who wants to move from the East Coast. Doan said he thought the remodeled house was 'very nice,' but felt the price was 'too high.' He noted the home had no garage. He said he believed houses are bound to get cheaper. 'If it goes up,' Doan theorized, 'it must come down.' As of Monday, Suleiman said no one had submitted an offer."

The Union Tribune. "The San Diego County median home price stayed at $570,000 in May, the same as it was last May, said CoreLogic. Home prices reached a peak in August 2018 of $584,750 but the price mostly leveled off as sales started to decline. All of Southern California experienced a slow down in sales and price appreciation in May. Alan Gin, economist at University of San Diego, said the slowdown has more to do with affordability constraints than interest rates — something many analysts originally attributed to the sales reduction."

"'A lot of people are just priced out of the market at this point,' he said."

"Months of declining sales have meant more homes on the market. There were 6,750 homes for sale in May, said the Greater San Diego Association of Realtors. That compares to 6,090 in May last year, and 5,060 in May 2017. Changes among housing types in May: Resale single-family: Median of $620,000, down from $630,000 in April. Newly built: Median of $581,000, down from $639,387 the previous month. The price includes condos and single-family homes."

The Orange County Register. "Despite Southern California’s biggest supply of inventory since 2014, home sales fell for the 10th consecutive month in May. In four counties covered by the Southern California News Group, the number of existing homes for sale jumped by 15% in a year. Not only are house hunters balking, but regional car sales are down."

"One bit of encouraging homebuying news was that sales of existing, single-family homes didn’t fall: 15,753 purchases in May was up 0.1% in a year. The median selling price of $559,000 was up 1.6% in a year. But existing condo sales totaled 4,842 — down 5.2% in a year. The median selling price of $450,000 was flat for the year."

"Builders have suffered the most. Six-county sales of 1,705 new homes were off 18.1% in a year. The median of $534,000 was down 8.3% in a year. Builders lost market share, too, as sales were just 7.6% of the regional total in May vs. 9.1% a year earlier."

"At the county level, here are May sales results and trends in existing homes on the markets as of June 13: Los Angeles County: $615,000 median, up 1.7% in a year. Sales fell 1.7%, the 13th consecutive drop. Listings were up 15% in a year. Orange County: $720,500 median, down 2.6% in a year. Sales fell 2.6%, the 10th consecutive drop. Listings up 23% in a year."