From our friend Rich Toscano, as published at the www.voiceofsandiego.org:
The first month of 2011 was unkind to home prices, at least as measure by the median price per square foot of resale homes sold during the month. From December to January, this measure of home prices declined by 3.0 percent for detached homes, 7.2 percent for condos, and 4.5 percent in aggregate.
As I often note, the condo series is quite volatile so these big single-month moves can be safely ignored. But the detached home median price per square foot has typically given a fairly good read on actual price changes going on in the market, so the 3.0 percent decline there suggests that market pricing was indeed lower on the whole.
In fairness, January is a seasonally weak month for home prices, but the above chart shows that prices have been on the decline since the assorted stimulus efforts started to fizzle out last summer.
Click here for more of Rich’s commentary and 5 other graphs.