CA House Prices down 26%

Posted By: Dr. Frugal in Economics on 03/27/2008 at 07:27:56

California continues to lead the downward trend in housing, with the median price falling 26%. I wish the houses around me would fall 26%--I'd be buying so fast you wouldn't know what to do. The median house in my neighborhood (row house, mind you) is $1.1 million--that's in the middle of this downward trend too. Apparently they were about $1.8m about a year ago. Maybe I'm just too far away from my last experience in city living but for a 1200 square foot row house, I think $1.1m is a little high--I would think it would top out around 800k or so. Regardless, a 26% falloff from here would go a long way for me being able to afford a house.

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