DQNews South Bay Resale Activity for April 2006

According to DQ News, the April Monthly resale activity for the south bay area showed the following:

Zip     # SFR   Median   %Chg   # Condo  Median    %Chg 
        Sales   $SFR      YOY    Sales   $Condo     YOY
90045    30     762,000   3.3      1     305,000  -29.4
90245    13     825,000  -2.4      5     550,000   11.6      
90254    13   1,149,000  31.3     18     993,000   49.4   
90260    16     524,000  11.8      2     499,000   48.8       
90266    30   1,635,000  17.6      3   1,355,000    0.4
90277     9   1,349,000  48.2     17     706,000   23.3     
90278    18     770,000   4.1     32     729,000    1.8

I tried taking the %YOY change in a doubly smooth 3 month moving average of the median SFR prices of each of the beach cities to see if anything interesting shows up. The general drift of %YOY change is down, meaning that upward price momentum is slowing down, but there are no obvious median price declines. Since these are sales of existing SFRs, I don't think the resiliency of prices here can be blamed on the upward bias of new construction. The bubble is still holding up, at least through April 2006.

Note: the charts have a slight inaccuracy because I do not have available the median price data 3 months prior to June 2003 for calculating moving averages.