Last month, statewide sales of previously owned homes fell 28.7 percent, said the California Association of Realtors, and the median price rose 2 percent. But it declined in 14 of the 20 major markets tracked by the Los Angeles-based group. And in seven markets, including Orange and San Diego counties, the median price has fallen below its year-ago point for three consecutive months.
The LA Daily News article says most areas are estimated to see single digit price declines although some areas could see double digits.
“The market is still in a decline. Most people don’t look for it to really bottom out until late 2007,” said Jack Kyser, chief economist at the the Los Angeles County Economic Development Corp.