A news release this week from the California Association of Realtors links to DataQuick numbers that show a 14.5% drop in the median price of a home on the Westside when comparing Nov. '05 to Nov. '06.
In actual dollars the median price on the Westside went from $995,000 last November, to $851,000 this November, according to the DataQuick numbers quoted by CAR.
As always, however, it would be irresponsible to draw conclusions from those numbers alone. Unfortunately sales figures aren't provided for the Westside, which makes it impossible to conduct a proper analysis. In addition, CAR cautions that dramatic shifts can sometimes be attributed to "compositional changes in housing demand." In other words, it may just be that fewer high-end homes sold in November.
Santa Barbara is another standout with double-digit declines in its median price. Although the same quantity of homes sold there in Nov. '06 as did in Nov. '05, the median price reported by CAR indicates a drop of 23.4%, from $650,000 to $497,780.
Overall, CAR reported this week that the median price for a single family home in the Los Angeles region was $590,790 in November, a 2.7% increase over November 2005. Despite the uptick, the number of homes selling in the region dropped a whopping 21.6 percent .
CAR Vice President and Chief Economist Leslie Appleton-Young says the state is on track to notch a 7 percent price increase for the year, but she acknowledges that many areas of the state have seen declines.
More numbers are available here and here.
Also see earlier post: LA's Housing Crisis: 1.8% Affordability
— TJ Sullivan in LA
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