Listing prices down $99K from peak

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Median listing prices in greater L.A. took another tumble over the past week, dropping by $4,900, to $480,000, according to Housing Tracker’s analysis of MLS listings. Listing prices are now down $99,666, or 17.2%, from their peak in April of 2006.

Headlines, highlights:
--Over the past year, median listing prices have dropped 12.6%.
--Inventory of single family homes and condos for sale in greater L.A. spiked from the previous week, to 41,122, and is now running 34.9% ahead of year-ago levels -- a major increase in inventory given falling sales.
--It’s clear that, over the past month, the decline in median listing prices has accelerated. That said, as Cal often reminds me, it’s important to remember that the median of anything is a squishy statistic. It may be the best statistic we have, but it is imperfect. Changes in the median can reflect an overall trend that applies to almost all housing listings -- that is, the prices of most listings are falling. Or, the median can reflect something entirely different: the composition of the overall sample. It could be a bunch of cheap houses just came on the market, and they are dragging down the median listing price; or a bunch of expensive listings expired, or were sold, which would also drag down the median listing price

Date Median listing price Inventory
4/06 $579,666 27,251
4/07 $545,000 35,489
5/07 $545,000 38,297
6/07 $540,000 40,766 (up 20.4% y/y)
7/07 $535,000 42,685 (up 14.5% y/y)
8/07 $529,000 44,483 (up 13.6% y/y)
9/07 $520,000 46,414 (up 16.9% y/y)
10/07 $510,000 46,603 (up 15.6% y/y)
11/07 $499,900 46,503 (up 19.0% y/y)
12/07 $495,000 (down 10.0% y/y) 43,174 (up 28.2% y/y)
1/7/08 $484,900 (down 11.7% y/y) 40,377 (up 34.4% y/y)
1/14/08 $480,000 (down 12.6% y/y) 41,122 (up 34.9% y/y)

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