Below is some housing data pulled from Redfin on trends in the LA metro area. The divergence between the list prices for houses and selling prices is something to take note of. List pricing/sqft is up roughly in line with the S&P 500 ytd. Deals are clearing at lower prices than they were to start the year though. Perhaps a positive sign is that the number of homes listed has dropped precipitously this year, indicating that supply and demand may be becoming more balanced. Listings are down 37% y/y.
Redfin.com is web 2.0 at it's best (the only website to ever go to for housing data) because of cool features like this one that they've recently added to track market trends for different metro areas. The above is aggregated data straight from the MLS, so it's much more timely than Case Shiller, which is reported on a two month lag. It's too bad that in this information age there isn't more economic data that's presented in real time like Redfin does.