Wildfires and over-heated markets

Bad news for the housing market continues to stack up. The National Association of Realtors this week reported a 19.8 percent drop in sales of single-family resale homes and a 4.9 percent drop in the median price in September compared to the same month this year. The U.S. Census Bureau today reported new-home sales were down 23.3 percent in September compared to September 2006.

And the California Association of Realtors reported that sales of previously owned single-family homes dropped 38.9 percent and the median price fell 4.7 percent in September compared to September 2006. Some grim real estate numbers for the state, which also happens to be on fire. (See Inman News for information about Realtor assistance efforts for wildfire victims and evacuees.)

The San Diego region, which has been particularly devastated by wildfires this week, had a 5.6 percent drop in median price in September compared to the same month last year, with sales down 36.4 percent.

The California Realtors group, along with research company DataQuick Information Systems also reported on median home price changes in cities, counties and communities in September compared to September 2006. The chart here shows counties tracked in that report that suffered the steepest median-price declines in the past year -- price data is based on sales of new and resale single-family homes and condos.

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