Friday, January 18, 2008

California Real Estate Update-2

"San Diego County housing prices last month tumbled 13.1 percent from those in December 2006, the biggest drop in 20 years of record keeping, DataQuick Information Systems reported Monday. The overall median price for all homes stood at $430,000 in December, $10,000 less than the price in November and $65,000 less than it was in December 2006. The latest price represented a 16.9 percent drop from the county's all-time peak of $517,500 in November 2005 and the lowest since March 2004", San Diego Union-Tribune, 14 January 2008.

San Diego real estate prices peaked 25 months ago. This isn't over.


Tom Stone said...

And Sonoma count was down 18% Dec to Dec in nominal Dollars.Another 30% or so over 2 years with 7% inflation,and it will be getting reasonable.

Independent Accountant said...

I would not be surprised to see California real estate fall another 15-30% over the next 18-30 months. Your 30% estimate is well within reason.