Dataquick has some new numbers out. "Home sales in Southern California slowed for the sixth month in a row, making last month the slowest May since 1999. Homes are appreciating in value at their slowest pace in almost six years. A total of 27,286 new and resale homes were sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month."

"That was down 11.7 percent from 30,886 for May a year ago, according to DataQuick. The median price paid for a home in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties was up 6.4 percent from $456,000 for May last year. The 6.4 percent year-over-year increase was the lowest since July 2000 when the $205,000 median was up 6.2 percent from $193,000 a year earlier."

"Despite the year over year rise, the median price was the same last month as it was in April, and was a tick below March's median of $486,000, which was the Southland's record. In some places, the rate of appreciation was even lower. San Diego County posted virtually flat growth at 0.4% and Ventura County saw a 3% rate of year-over-year appreciation."

"The latest housing statistics reveal a new constant: The Southland's real estate market is in the midst of a slowdown."

"Accelerated listings and declining sales in the first five months of 2006 combined to expand the supply of resale homes in Inland Southern California to the highest level in at least eight years."

"The Multi-Regional MLS, which tracks real estate activity in the two Inland counties and the San Gabriel Valley, reported that from January through May there were 56,371 home listings in that region, a 46 percent increase over the same period a year earlier."

"Comparing that to the first five months of 2005, the number of home sales dropped 12 percent to 18,331."

"The supply of unsold homes, measured by how long it would take to deplete the region's unsold listings at the current sales rate, more than tripled from 2.4 months to 7.6 months, which the listing service said reflects the largest supply since it began recording such data in 1999."

"'We have had a growing supply of listings since the middle of last year. But last year the sales were strong and this year the supply of listings has continued to grow and sales have slowed,' said Gordon Maddock, the service's secretary treasurer. Maddock said the 48-day listing average may be misleading because it only reflects houses that have sold. He said some houses are unsold after six months."

"The number of listings, Maddock said, probably has been bolstered by 'a lot of investors dumping properties,' people selling to tap built-up equity, and small home builders putting new homes on the multiple listings in an effort to speed sales."

"The listing service reports that the average sales price of homes in the first five months of this year was $467,898, up 13 percent from a year earlier. Maddock said the regional price increase is due in part to a shift in sales toward the pricier San Gabriel Valley and away from the Inland Empire, where resale homes face stiffer competition from new home tracts."

"President Richard Tegley said, 'With a growing inventory of homes in the (listing service) plus a large new-home inventory we will probably see prices level off.'"

"Garey Teeters, (a broker with) real estate offices in Hemet, Beaumont, Yucaipa, Highland and Rancho Cucamonga, said the market has slowed 'back to normal' after years when home buyers had to endure bidding wars. 'Last year, the sellers were in control. The buyers are in control now,' Teeters said."