Rewind: SoCal home prices return to May 2003 levels

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More data from today’s report on home sales in Southern California, from MDA DataQuick:

-- Median prices in the region, at $308,500, are at their lowest level since May 2003, and are 38.9% below their peak level of $505,000 reached in the spring and summer of 2007.
-- Fifty percent of all homes sold in the region in September had been foreclosed on in the previous year. That’s up from 12.6% a year ago.
-- Foreclosure resales are highest in Riverside County (68.9% of all September sales), followed by San Bernardino (63.1%), San Diego (47.3%), Ventura (44.0%), Los Angeles (39.1%) and Orange County (36.8%).

Median price in Los Angeles County since prices peaked:
Aug. ’07 $550,000 (up 5.8% y/y)
Sept. ’07 $525,000 (up 1.2%)
Oct. ’07 $500,000 (down 3.8%)
Nov. ’07 $499,000 (down 3.5%)
Dec. ’07 $470,000 (down 10.5%)
Jan. ’08 $458,000 (down 11.9%)
Feb. ’08 $460,000 (down 12.9%)
March ’08 $440,000 (down 18.5%)
April ’08 $435,000 (down 19.4%)
May ’08 $422,000 (down 23.3%)
June ’08 $415,000 (down 23.9%)
July ’08 $400,000 (down 26.9%)
Aug. ’08 $380,000 (down 30.9%)
Sept. ’08 $360,000 (down 31.4%)

-- Peter Viles