Yes there are more houses in CV but my take is that 2003 and 2004 were unusual and probably outliers from a statistical perspective. When people compare current stats with the peak bubble sales and appreciation years they are overstating the decline. I laugh when I see people say we have 6 times more inventory than we did in early 2004 when we had about 3000 properties for sale in SD. That was not a normal inventory level and that horrendous imbalance between supply and demand caused prices to spike dramatically in early 2004. Fortunately, we are now undoing all the effects of that imbalance and if we get back to early 2003 nominal prices we should be back on track IMHO.
