The median price of a home in the Bay Area dropped to $616,000 from $625,000 in November 2005.

Not bad really. (My gosh! What did I just say!)

In San Francisco, the median price for a condo rose just 0.1 percent to $700,000 last month, while the median resale price of a single-family home crept up 1.6 percent to $802,5000 from $790,000.

Single family homes seem like at bargain after seeing the condo prices.

The median price for a new home fell 10.1 percent to $602,00 from $670,000

That’s a killer for resale home prices.

Economists disagree on how long it will take for the market to recover. Union Bank’s Matsuda says he thinks that the bulk of the correction is over. “The market will probably be slow in 2007, but if the California economy maintains its momentum, I wouldn’t be surprised if the housing market regains its footing by the end of the year,” he said.

Beacon’s Thornberg sees a much longer trajectory, saying that he doesn’t expect significant price appreciation for five years.

Here’s a similar article on Silicon Valley home prices.

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