Return to 2003

Submitted by Rich Toscano on May 30, 2008 - 12:45pm

Earlier this week we examined how much home prices have fallen in percentage terms. Let's now look at things a different way: how far have prices fallen in terms of time? In other words, how long ago was it that prices were last at their current levels?

The accompanying chart attempts to answer this question using the three tiers of the Case-Shiller home price index in addition to the overall index for San Diego. To find the appropriate months, I just took the March value of each index (the most recent available, unfortunately) and noted what prior month was closest to the March figure.

read more at voiceofsandiego.org

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Submitted by 34f3f3f on May 30, 2008 - 6:50pm.

I guess that begs the question of where prices should be given historical averages, and how far away are we from that?

Submitted by jks on May 30, 2008 - 8:09pm.

I really like this way of representing prices. I moved to CA in late 99 and by late 2000 I knew housing was in a price bubble and I decided to stand aside. I'll be looking to buy when prices get back to ~2000 levels.

Submitted by moneymaker on May 31, 2008 - 10:36am.

Are there any indexes/charts/graphs that show rental prices compared to mortgages. The delta of these 2 should be very revealing,that would factor out market/inflation forces and show the true trend for future buying.

Submitted by an on May 31, 2008 - 12:10pm.

I think a graph of 30 year fixed monthly mortgage payment would show a better pictures when you compare it to rent. Since most buyer make their initial buying based on rental prices.

Submitted by an on May 31, 2008 - 1:31pm.

I took the liberty to run the number and graph it myself. Hope someone find this info useful.mortgage history start Jan 1987
Mortgage history start Jan 2000

Submitted by i hate real estate on June 1, 2008 - 12:22pm.

I don't feel like the mid-priced houses are back at 2003 levels. I've been checking out mid-range areas like newer PQ and nice parts of Clairemont. The 2003 comps on sites like sdlookup.com are a lot lower than their current price.

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