Just thought some day keeping this information in a blog would be interesting. San Diego seems to be experience the same type of split market.

C.A.R. July 2008 Sales and Price Report

The statewide sales figure represents what the total number of homes sold during 2008 would be if sales maintained the July pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The median price of an existing, single-family detached home in California during July 2008 was $350,760, a 40.3 percent decrease from the revised $587,560 median for July 2007, C.A.R. reported. The July 2008 median price fell 4.5 percent compared with June’s revised $367,130 median price.

“Once again, the 40.3 percent year-to-year decrease in the median price of a home was an all-time record, surpassing the previous record set in June with a 37.9 percent decrease,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.

“Since the statewide median remained in the $585,000-$595,000 range through August of last year, the market will continue to experience significant year-to-year adjustments through August even if the median price holds steady over the next few months,” she said. “The statewide median was last in the $350,000 range in early 2003.”