Los Angeles Area Home Prices Drop Again

L.A. Times reports:

Median listing prices in greater Los Angeles slipped by $600 over the past week, dropping to $464,900, according to Housing Tracker's analysis of MLS listings.

Highlights: Median listing prices have fallen 15.5% over the past year, and 20% from their peak of just under $580,000 in April 2006.

The inventory of unsold homes and condos rose slightly over the past week, to 42,098. Inventory is still pacing 31.4% ahead of year-ago levels.

They'll should be lower 6 months from now.