Bay Area home prices hit 8 year low; SoCal median below $300K (Los Angeles: sales, real estate)

[sav858]

"Bay Area home values plummeted to an eight-year low in November, as discounts on foreclosed properties continued to draw buyers and drive down prices.

The median for existing single-family homes in the nine-county region fell to $350,000, a 47.8 percent drop from a year ago and the lowest level since September 2000, according to MDA DataQuick. Nearly 50 percent of the houses that sold during the month had been repossessed in the last year."

Bay Area home values hit 8-year low in November

"Foreclosures continued to drag home prices to new lows in November, as the Southern California median sales price slid to $285,000, its first drop below $300,000 since 2003.

The November median price was down 34.5% from the same month last year, and 43.6% below the peak price of $505,000 recorded during several months in 2007, San Diego real estate information service MDA DataQuick reported Tuesday."

Southern California's median home price drops below $300,000 - Los Angeles Times


I really have been enjoying all this news about home prices in Ca coming back down to pre-real estate boom levels. It feels like some normalcy is returning to this state after years of ridiculous and artificially high home prices. I hope our lower home prices humbles some of the snobs here that used high housing prices as some badge of honor to brag about and fooling themselves into thinking everyone wants to live in CA. These lower prices seem to make life a little less frustrating here it seems, its nice seeing places people can actually afford to live in now.


Are you glad to see prices fall too?? Do you think they have much more falling to do? Do you think home prices are about right considering incomes, desirability, etc....??

[18Montclair]

Home Sales in Contra Costa County are up 124%-that's astounding.

[sav858]

I know, it's nice to see middle class people be able to afford homes and stay in the state now. I hope this may change some people's outlook on the state.

[18Montclair]

Originally Posted by sav858

I know, it's nice to see middle class people be able to afford homes and stay in the state now. I hope this may change some people's outlook on the state.

Exactly.

Exorbitant home prices is what caused so many productive residents to leave California in the first place.

[sav858]

This is a little off topic but somewhat related, I read an article yesterday about how CA is still losing people to other states BUT despite the perception of many people leaving CA and this being a somewhat transient or rootless state, most natives stay here.

"Before writing the state's obituary, however, critics might note that a study released Wednesday by the Pew Research Center bolsters the notion of California's high desirability, showing that most native Californians prefer to remain in the state.

Though California is often depicted as a bastion for the rootless, 69% of native residents 18 and over still live here -- showing stability exceeded only by Texas, North Carolina and Georgia."

More are moving out of California than in - Los Angeles Times

San Diego County had a net migration increase for the first time in 5 years too, albeit a small one.

County bucks trend with 1.5% population gain

now if we can just get our budget/fiscal mess in order this state might not seem so messed up....

[bhcompy]

they arent back to pre-boom levels yet. socal includes the inland empire, which is where the prices are sliding the most. other more traditional established areas in so cal have seen less slide and still have a long ways to go(they still need to half what they are to be preboom levels in some places)

[18Montclair]

I still cant believe that many core Bay Area counties are now growing faster than the counties many fled to just 2 years ago.