San Diego County's median home price 20% off its 2005 peak

San Diego Union Tribune reports:

San Diego County's housing market deepened its slump last month, with the median home price now down 20 percent from its peak in November 2005.


DataQuick Information Systems yesterday reported the median price for all county homes in February was $415,000, down 3.3 percent from the previous month and down 13.5 percent from February 2007.

The report showed a continuation of falling sales and declining prices that began after a dizzying run-up of values between 2000 and 2005. In recent months, foreclosures have spiked locally and in other high-cost communities nationwide, as risky adjustable-rate mortgages have begun resetting at higher interest rates.

The number of homes sold in February was 1,954, down nearly 32 percent from a year ago. Sales were 7 percent above January's figure, however, reflecting the view of some real estate agents that business is picking up.

February was the 44th straight month that total sales of homes of all types dropped on a year-over-year basis.

Economist Christopher Thornberg, co-founder of Beacon Economics in Los Angeles, said the overall trend of falling prices and slowing sales reflected by the DataQuick report was “grim” news.

Grim.