October 2006 6.27 existing home sales @ $218,900 median price.
October 2007 4.97 existing home sales @ $207,800 median price.
The median price for an existing home plunged by a record 5% in October 2007, shrinking values back to March 2005 levels.
Naroff Economic Advisors, "That light at the end of the housing-meltdown tunnel appears to be an oncoming train. With so many choices and so few buyers, the median sales price is cratering."
In Southern California, sales financed with mortgages above $417,000 have dropped by 60% since the summer.
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