It seems obvious that California real estate is reaching it's price peak. On a year to year comparison basis, prices have declined, but August's numbers are up 12.8% from July in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties.
Remembering that prices have doubled in the last 4.5 years will keep things in perspective. There are still bargains to be had and buying will certainly continue as interest rates stay within reach. Stay tuned for upcoming home sales news.

Los Angeles, known as "L.A." or the "City of Angels", is the largest city in the state of California and the second-largest in the United States, as well as one of the world's major global cities. Located in Southern California, the city has a population of over 3.9 million [3] within 498 square miles. It is the core cultural and economic center of the Greater Los Angeles metropolitan area, a region home to over 17 million people.
Los Angeles was incorporated as a municipality on April 4, 1850—five months before California achieved statehood—and is the county seat of Los Angeles County.
Los Angeles is one of the world's most important centers of culture, science, technology, international trade, and higher education, and is home to numerous world-renowned institutions in a broad range of professional and cultural fields. In addition, the city is arguably the world's leading producer of popular entertainment—such as motion pictures, television, and recorded music—which forms the base of its international fame and global status.