Home Prices Plunge Across California

DataQuick Information Systems says median home prices in February fell from a year ago in 15 major California counties. Southern California saw a decrease of 17.9% from February 2007, while the San Francisco region fell 11.6%

I can’t find the detail on the San Francisco region for February but I encourage prospective buyers to bookmark DataQuick and keep track of these numbers for your prospective zip codes. Here’s what Walnut Creek looked like in January 2008.

Walnut Creek Home Sales Information for January 2008

The second column is number of sales. The third the year over year change in number of sales. The fourth is the median price. The fifth is the year over year change in median price. The sixth is the highest price sold. The seventh is the price/square foot. The eighth is the year over year change in price/square foot.

The drop in sales volume is huge across all four zipcodes! For the largest zipcode (94598) the drop in median price and price/square foot is substantial. The February numbers will be very telling. As a prospective buyer, this continued weakness certainly keeps me on the sidelines. If inventory outstrips sales for the next few months we’ll see continuing downward pressure on home prices.

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