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We Hear a Distinct Hissing

Home sales in Los Angeles declined by 6.9 percent in January compared with the same period a year ago, according to La Jolla-based DataQuick Information Systems. On the flip side, home prices in Los Angeles were up 6.1 percent in January.

The OC saw a bigger dip: homes sales were down 16.3 percent in January compared to January 2006.

The median price of a home in Los Angeles County in January: $520,000, up from January 2006's price of $490,000. The median price in the OC in January: $600,000 (same as a year ago).

All told, sales in January in So Cal hit their slowest rate in nine years. A total of 18,128 new and resale homes were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties.
· SoCal Homes Slowestin Nine Years [CBS 2]