Home sales across Southern California have fallen steeply, with the number of deals down by almost half.
Buyers closed on 13,201 single-family homes and condos in April, down 46 percent in a year, the Orange County Register reported, citing figures from CoreLogic.
It was the third biggest, year-over-year drop since records began in 1988.
The wrench in the machine is high mortgage rates and low housing inventory, with the local housing market seeing its slowest-selling April in 35 years. It was also the 18th-worst sales month total on record.
Sales in Los Angeles were down 39 percent, according to the Register.
The Southern California market has a 2.5-month supply of single-family homes waiting to be sold, 34 percent below the average since 2008.