Southern California home prices fall to 2002 levels

[n2doc]

January median sales price falls 40% from a year earlier, to $250,000. But lower prices are luring buyers; record January sales are reported in Fontana, Palmdale, Chula Vista, Oxnard and elsewhere.
By Peter Y. Hong
10:06 AM PST, February 19, 2009

Southern California home prices continued their decline in January, falling to 2002 price levels, a real estate research firm reported today.

The January median sales price for all Southern California homes fell to $250,000, a 40% drop from the same month a year prior, according to San Diego based MDA DataQuick.

The falling prices were again driven by sales of foreclosed properties, which comprised nearly 60% of all homes sold in the region. Consequently, the lowest median sales prices were reported in San Bernardino County ($162,000) and Riverside County ($195,000), where foreclosures have been rampant.

Los Angeles County's median sales price of $300,000 was down 35% from January 2008, while Orange County's median sales price fell 29% to $370,000. San Diego's median of $280,000 was down 35% from a year ago, Ventura County's median fell 30% to $335,000.

more:
http://www.latimes.com/business/la-fi-homesales20-2009feb20,0,7584906.story

[DesertFlower]

1. i'm in arizona.

my house value has dropped over $300,000 in the last 3 years. fortunately it's still worth more than it cost us.

[bluestateguy]

2. The market in CA was overvalued

This had to happen. I just wish it did not happen this particular way.

[4lbs]

3. I agree. My parents' home increased $150K in value from 1996 to 2006 and they didn't do anything

to the home but just live there.

The homes around them were selling for more money and their home values went along for the ride.

[louis-t]

4. CA has a unique market. 5-year bubble.

It goes up and down moreso than the rest of the country.

[cobalt1999]

5. Same with Florida

My house valued doubled at the peak. Doubled in 5 years! It was insane. 2002 level seems about right, with the economy tanking it'll probably bottom at 2000 prices though.