San Joaquin market is like a candy shop...

...with a lot of overpriced candies to choose from. From the Stockton Record:

Sales of existing homes in San Joaquin County were up in May from the month before, but the median sales price slipped somewhat, holding to a pattern of home valuations that have wiggled up and down month to month and held basically flat since last summer.

The median sales price of an existing home in the county sank from $420,000 in April to $415,000 last month, according to figures from the latest Coldwell Banker Grupe-TrendGraphix monthly sales report, based on Multiple Listing Service data...

Meanwhile, the number of homes on the market continued to climb, increasing the competition among sellers and putting pressure on prices. Last month, 3,957 houses were listed for sale, up from 3,462 in April. That compares with 1,173 houses on the market in May 2005. The escalation in listings is cited as the biggest reason why prices have flattened or sagged since last summer.

"That is the killer," said Mike Collins, of Century 21 Collins. "There are so many homes for sale right now, for buyers it's like going to a candy shop - there's too much to choose from." He estimated that business is off by about half from a year ago.

Collins said that although there have been price reductions, typically they aren't sharp ones, and sellers have been reluctant to slash prices, even with the growing competition. For the first time in recent years, he is starting to see some purchase offers as low as 10 percent below asking prices.