Listing prices slip by $4,900

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Another sizeable* drop in median listing prices: median listing prices in greater L.A. dropped $4,900 in the past week, to $510,000, according to Housing Tracker’s weekly analysis of MLS listings.

Median listing prices have dropped $35,000 in the six months since we launched this blog, from $545,000 to $510,000, and have dropped nearly $70,000 -- or 12%, since April 2006. Inventory has shot up dramatically over the same period, from 35,489 to 46,603.

*We call the drop in listing prices ‘sizeable’ because it is a one-week decline of nearly 1%, and it comes from a large statistical sample. If asking prices were to fall this fast for any period of time, it would mark a huge decline -- nearly 50% over the course of a year.

Date Median 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)
10/8/07 $514,900 46,219 (up 15.1% y/y)
10/15/07 $510,000 46,603 (up 15.6% y/y)

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Photo Credit: Reuters