Condo Drop is hard to ignore. Granted SFRs will vary depending on sales mix, but condos are easier to compare. 35 sales is a significant number and it obviously shows weakness in La Jolla. It’s no suprise that the median is $439K which would be conventional financing. Jumbo financing is difficult and having a major effect on sales. My guess is SFRs will continue to show weakness there, especially when Alt-A and Prime loans begin to reset that were made since 2005.
Also, you need to look at Total Sales Volume. When that starts dropping 40-70% year over year (YOY) and you have bloated inventory, it has an effect on pricing, for those that need to sell. Throw in the REOs and you have a quickly declining market. Pay attention to trends and you will see acceleration to the downside.
