San Fernando Valley home Prices Decline 37% in One Year

The L.A. Times reports:

Sales of existing single-family houses climbed 82% in the San Fernando Valley in September as median prices fell by 37% from year-earlier levels, the Southland Regional Assn. of Realtors reported last week.

Median prices paid for single-family homes fell to $392,500, down from $425,000 in August and $623,700 a year earlier. Median prices in the Valley have now rolled back to July 2003 levels.

At $392,000,we can comfortably tell you the Valley's home prices are way too high based on incomes in the area.