In March, home sales year over year in Riverside and San Bernardino counties fell 47.3% and 46.6%, respectively, and median prices stayed essentially flat (versus a 6.3% gain in L.A. County). Prices are likely to fall further as developers continue building.
This shows two things.
1) How sticky housing prices are. Sales were down 47% but median home prices were flat!
2) How newspaper writers are negative people. Why say, “Prices are likely to fall further as developers continue building” when prices didn’t fall at all with a 47% decrease in sales?
On the other hand, I do like that the writer blames the crazy home builders. That’s always in good taste.