Sony will be shutting down the Japan and Asia regions of PS Home will be no more starting March 2015. They will be closing down the service for both regions, while NA and EU regions seem to be unaffected at least for the time being.
Due to the closure all PS Home related sales will stop in those regions starting September 24th. The service will still be around until the closure date, but nothing can be purchased. Sony did state that the service will go out with a bang, but details are so far not announced.
The service never really seemed to expand on what its overall intentions were. The idea was somewhat a Second Life answer by Sony, while also utilizing social features of the PS3. There were a few hopes that the service would expand a bit with the PS4, but it seems clear that will not happen. It’s been a few years since Sony really talked, or pushed, the service at a major event.
We will keep you updated if the other regions will also see closures.