Soft landing or hard? From the Sacramento Bee:
Sacramento County posted urban California's steepest year-over-year fall in home prices during July as more buyers waited out a slumping market and sellers showed increasing willingness to cut and run.
Median sales prices for both new and resale homes and condominiums fell 5 percent below July 2005 levels, according to La Jolla-based researcher DataQuick Information Services. For existing single-family homes, the largest segment of the market, prices fell 3.2 percent below July 2005 to $353,250...
July represented the second straight month that Sacramento County sales prices fell below last year's levels. Among urban areas, Sacramento joins San Diego and San Mateo counties and the city of San Francisco with median home prices now below where they were a year ago.
DataQuick's newest statistics, gathered from county property records, clearly show the growing advantage to buyers in a market with falling prices and a record inventory of 15,474 homes for sale. That's more than twice the inventory of July 2005.
In El Dorado, Placer, Sacramento and Yolo counties, July also marked the 16th straight month that the number of sales were down from the same month from a year earlier. March 2005 was the last month showing higher sales than the previous year.