Monday, February 04, 2008

Median Asking Price Falls Nearly 25% YoY

Median asking price year-over-year change: -24.8% ($89,000)

Median asking price change since August 2005: -32.5% ($129,900)

For more Sacramento price statistics go here.


anon1137 said...

Quite a significant drop just within the last couple months. Of course, this is the median, so we have to ask how much is caused by the mix (more lower priced homes on the market, fewer higher priced homes) and how much by real price declines.

From my vantage point in E. Sac, prices are still sky-high, but there's not much on the market. Inventory is slowly beginning to pick up though, week by week. I'm watching a few houses that sold in spring 2006 and are currently waaaaay underwater to see if the owners will make it through their 2 year anniversary intact.

Jacob said...

Even with huge discounts on homes most are still way over priced, just amazing how far out of whack this bubble got.

Patient Renter said...

I do say, that curve is steepening.

Diggin Deeper said...

Momentum...prices are freefalling to clear out the inventory before the next wave hits.

Flip the graph over and it resembles the preceding boom. We're seeing 2-3 point drops monthly now. Banks have got to be watching the horizon...they're bailing as fast as they can.

siflsockpuppet said...

Anybody read this story in the Bee today?

That seems wrong - buyers who actually perform according to contract now may be forced to pay subcontractors that the builders never paid. Didn't the work get done BEFORE the new owners purchased their houses? If I was already upside down and having trouble paying my mortgage, this would be the straw that broke the camel's back. I'd stop paying my mortgage immediately and wait for them to throw me out.

Jacob said...

Yea I dont know if a lein from the builder on a home you bought would stick up in court, I hope not. They need to go after the builder, Dunmore and if they have no money they shouldn't be able to go after assets that Dunmore doesn't own.

I mean if I buy a car from a dealership and that dealership goes under can they come reposses the car I bought fair and square?


EastBayHousingBubble said...

Looks like the asking prices are starting to accelerate in a downward direction. Looks like from your graphs that the asking prices are declining at about 3% per month. Somewhere down there is a bottom. These graphs make a 50% drop in the area seem optimistic.