L.A. listing prices now down $150K from peak

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Median listing prices in Los Angeles County dropped by another $990 over the past week, according to Housing Tracker’s weekly analysis of MLS listings, and have now fallen $150,000, or 26%, from their April 2006 peak.

Numbers: Housing tracker reports median listing prices fell to $429,000 from $429,990, marking a decline of 20.4% over the past year. That 20.4% rate of annual decline marks the highest rate of decline in this housing cycle. Inventory of homes and condos for sale dropped by more than 300 units, to 45,164, and is pacing 7.4% ahead of year-ago levels.

Analysis: A decline in the median sales, or listing, price doesn’t necessarily mean the value of a typical home has declined by the same amount. It suggests some decline in overall values, but also that the market of listings and sales is increasingly dominated by cheaper homes. This is the foreclosure factor: More and more homes on the market are cheaper, foreclosed homes.

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%)
4/08 $450,000 (down 17.4%) 42,430 (up 16.7%)
5/08 $449,900 (down 17.4%) 42,532 (up 11.1%)
6/02/08 $446,500 (down 17.3%) 42,458 (up 4.9%)
6/09/08 $440,000 (down 18.5%) 42,398 (up 4.0%)
6/23/08 $429,990 (down 20.2%) 45,493 (up 8.2%)
6/30/08 $429,000 (down 20.4%) 45,164 (up 7.4%)

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