That house that closed looked well rehabed, was on a large lot and was big for the area. Other houses in that same neighborhood have been listed at higher prices in the last six months, but failed to sell.

So I think that closing is evidence that home prices are stepping down, but the steps are slow when so few houses actually sell. Compared to anything that closed in the last two years, it was a pretty good deal.

(and why are all you also shopping here! go buy in Carmel Valley or something. I want to be the only well qualifed housing vulture looking in this area!)