The weekly numbers

Here are the latest weekly numbers for HousingTracker.net. NOTE: these are the median LISTING prices and not the selling prices.

I usually only post the county wide numbers from housing tracker for Riverside and San Bernardino. This week I have posted those and then the numbers for just the core IE areas. You can see from the two sets that the core areas are falling a little faster and have fallen farther than the larger area has. That's probably to be expected since most of the largest price run ups were in these core areas.

Trend	04/28/2008	1 month	3 month	6 month	12 month
Median Price	$299,000	-3.5%	-12.0%	-19.2%	-27.9%
Inventory	48,253	-0.4%	-4.5%	-8.9%	-2.5%

Date	Inventory (SFH + Condo)	25th Percentile	50th Percentile (Median)	75th Percentile
04/28/2008	48,253	$219,900	$299,000	$415,000
04/21/2008	47,920	$224,000	$299,900	$419,999
04/14/2008	48,625	$225,000	$299,999	$423,990
04/07/2008	49,226	$229,000	$304,900	$425,000
03/31/2008	48,449	$230,000	$309,900	$429,900
03/24/2008	48,721	$235,000	$315,000	$435,000
03/17/2008	49,120	$239,000	$319,500	$439,000
03/10/2008	49,206	$240,000	$320,000	$439,900

Here are the numbers for the city of Riverside and surrounding areas including Corona, Fontana. Mira Loma. Norco, MoVal and Perris. These numbers differ slightly from the first set which are for the entire Riverside San Berdu metropolitan areas including Temecula Valley and Palm Springs areas witha total of 48,253 listings. This set of numbers is just the core area of the IE and only looks at about 15,000 listings. It's interesting to note the differences between the two charts. The core areas are dropping faster and farther than the larger area is. As you can see the core area has dropped 6.3% in the last month and 15.5 in the last 3 months. Where the larger data set only dropped 3.5% last month and 12% over the last 3. My guess is that the inclusion of the desert areas is probably helping that larger data set. With the exception of Indio and Desert Hot Springs the desert has not tanked quite as bad as the rest of the IE.

Also you might note that last weeks 50th percentile number only dropped $100 for the larger county wide area but it dropped 10K in the core areas. (10K in ONE week!). This week is only $100 but that keeps the average decline at about $4k to $5k per week in the core areas.

Trend	04/28/2008	1 month	3 month	6 month	12 month
Median Price	$299,900	-6.3%	-15.5%	-24.8%	-33.4%
Inventory	14,784	+5.2%	+7.9%	-3.5%	+12.6%

Date	Inventory	25th Percentile	50th Percentile (Median)	75th Percentile
04/28/2008	14,784	$225,000	$299,900	$399,900
04/21/2008	13,886	$229,900	$300,000	$399,999
04/14/2008	13,866	$235,000	$309,900	$409,900
04/07/2008	14,005	$239,900	$315,000	$415,000
04/01/2008	14,480	$243,000	$319,900	$419,900
03/28/2008	14,047	$246,900	$320,000	$420,900
03/21/2008	14,388	$249,900	$325,000	$425,000
03/14/2008	14,435	$250,000	$329,900	$429,900

I think it's fairly obvious that the price declines are still going at full steam ahead!


And Now a message from the Founder of KB Homes!

April 28 (Bloomberg) -- Eli Broad, a philanthropist and co- founder of KB Home, the fifth-largest U.S. homebuilder by revenue, said he expects home prices to drop another 20 percent.

``I don't think we're anywhere near a bottom in housing,'' Broad told Bloomberg TV at the Milken Institute Conference in Beverly Hills, California. ``We're going to have a big inventory of unsold, unoccupied homes that's going to take three or four years to clear out.''

So, we are down about 30% already and another 20% puts us at 50%. I think that's in the ball park. It all depends on the local area and how crazy it went during the bubble. Some areas may only tank 40% but I would not be surprised to see some fall 60% or more.