For 2nd month, San Diego County home prices drop from year ago

San Diego Union Tribune reports:

San Diego County's housing market weathered its second straight month of price declines in July, when overall prices dropped 1.8 percent from a year ago to $487,000, DataQuick Information Systems reported yesterday.

Coupled with a slide in sales activity, the decline in median prices followed a 1 percent year-over-year reduction recorded for June. Taken together, the two summer months showed the first back-to-back downturn in prices here since May and June of 1995.

Last month's figure put the county's median housing price 6 percent below the all-time peak of $518,000 set in November. Prices for newly built houses, resale condominiums and condo conversions all were down, as they had been in June.

And July was the first time in a decade that single-family resale homes, representing 52 percent of the market, saw no year-over-year price increase. The $560,000 median for the category was unchanged from July 2005 and was off $5,000 from the June figure.

Check out the table at the bottom of the article.New homes and condos prices dropped 5.7% from July of 2005 to July 2006.I guess real estate doesn't go up everywhere every year.You could have made more money in T-Bills.