After seeing the highest September sales pace in six years, Los Angeles housing fell into a deep sleep in October. Home sales fell 0.4 percent compared with October 2014, according to CoreLogic. This is the first time in nine months that monthly sales have not been higher compared with a year earlier. "Southern California home sales lost steam in October, dipping more than usual from September," said Andrew LePage, research analyst with CoreLogic. "Sales remain constrained by a tight inventory of homes for sale and lower affordability."

The skyline of Los Angeles Carol M. Highsmith | Buyenlarge | Getty Images

Tight inventory kept home prices on the rise. The median Los Angeles home price rose 5.8 percent from a year ago to $490,000. While higher mortgage rates are hitting housing now, these October sales are based on contracts signed in August and September, when rates were lower. It may be that strong sales in the first half of this year pulled demand forward.

"Flat is the new black," said Madeline Schnapp, director of economic research for California-based PropertyRadar, a software and analytics company. "Sales posted healthy increases in the first half of 2015 relative to 2014 but beginning in July, sales weakened as rising prices began to meet resistance from prospective buyers. That scenario is unlikely to change anytime soon."

