Listing prices down $130K from peak

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Median listing prices in Greater Los Angeles fell another $5,000 in the past week, and have now declined $130,000 from their bubble peak, according to Housing Tracker’s analysis of MLS listings. Highlights:

--Median listing price fell to $450,000, a decline of 17.4% over the past year and 22.4% from the April 2006 peak of $579,666.
--The inventory of unsold houses and condos dipped to 42,428, which is 19.6% ahead of last year’s levels. This is a trend worth noting: Inventory has declined slightly since mid-February. It could be that the weak market is discouraging would-be sellers from listing their properties.

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)
2/08 $475,000 (down 13.5%) 43,625 (Up 38.3%)
3/08 $464,900 (down 15.5%) 42,098 (Up 31.4%)
3/31/08 $459,900 (down 16.2%) 42,038 (Up 27.6%)
4/7/08 $455,000 (down 16.7%) 42,482 (Up 23.3%)
4/14/08 $450,000 (down 17.4%) 42,428 (Up 19.6%)

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