scruffydog said “I’m guessing we are at a cycle peak – prices will be flat for awhile.”
Please refer to the home page of this site and view the Case-Shiller index numbers for San Diego. (This index is based on same-home sales and is not subject to change in mix of homes sold as the median is.) Also look at numbers of sales for the past three years. The market peak was somewhere in late Fall 2005. Prices are down 7% in nominal terms (ignoring inflation) and another 6% due to inflation for a real decline of about 13%.
If a house was worth 600K in fall 2005 at the peak it is likely now worth about 558K in nominal dollars and about 522K in 2005 dollars. If you consider this flat, then the market is flat.
