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Median listing prices still falling

August 03, 2008

Median listing prices in Los Angeles County slipped an additional $4,000 in the week that ended July 28, falling to $420,000 -- a decline of $159,000 since asking prices peaked in April 2006, according to Housing Tracker's weekly analysis of MLS listings.

Inventory of houses and condos for sale continued to decline, and is now trailing year-ago levels by 1.4%.

At $420,000, median listing prices are down 20.8% from year-earlier levels -- the steepest decline yet measured in this slump -- and are 27.6% below their peak level of $579,666. The inventory of homes and condos for sale dropped by nearly 500 units to 43,086.

-- Peter Viles

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