weekly update on median prices for Riverside county

It looks like the median asking prices are still going down in riverside county. After three weeks of staying pretty steady at around $299,000 the median is now well under 300 and stands at $289,000.   The “stickiness” at 299 was probably because 300 is a key price point and people didnt want to go lower than that but now they’re being forced to of course since its tougher to sell. Anyways, current level at $289,000 represents a 29.5% decrease in values in the past 12 months and almost 34% from 2 yrs ago near the top of the bubble.

Inventory continues to fall by between 500-1000 per week but like i said a couple of weeks ago a bunch of that is likely because people that hoped to sell are just giving up and resigning to the fact they need to stay put for a few years more. But it is also people actually selling their house as well as you can see from the article i posted on yesterday.

One more thing in the data that hit home with me since i live in a bigger house was the fact that now the 75th percentile of homes has dipped below a key support level (400k) and now stands at $399,900.

Somebody hit the brakes!

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~ by razor on May 20, 2008.

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