Still falling: L.A. asking prices down $111K from peak

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Still falling: Median asking prices in greater L.A. fell another $900 over the past week and have now declined $111,000, or 19%, from their peak in April 2006, according to Housing Tracker’s analysis of homes and condos for sale on the MLS.

Details:
--Median listing prices fell to $469,000, a decline of 14.7% from year-ago levels.
--Inventory of for-sale homes and condos spiked to 42,356, a gain of 35% over year-ago levels.

Analysis: Both main trends are intact: prices are falling at an accelerating level from year-ago levels, and inventory is rising at an accelerating level from year-ago levels. My hunch, and many of you have commented the same, is that we’re due for some signs of life in the housing market this spring, although that’s not the same as a bottom or a recovery. Just signs of life.

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)
1/08 $479,900 (down 12.6%) 40,850 (up 33.3% y/y)
2/4/08 $475,000 (down 13.5%) 41,653 (Up 36.7%)
2/11/08 $475,000 (down 13.5%) 43,625 (Up 38.3%)
2/18/08 $470,000 (down 14.5%) 41,830 (Up 32.3%)
3/3/08 $469,000 (down 14.7%) 42,356 (Up 35.0%)

Thoughts? Comments? E-mail story tips to peter.viles@latimes.com.