Housing Prices Have Leveled Off but Not Yet Fallen

Median housing prices in San Joaquin and Stanislaus Counties have shown signs of leveling off since the closing of 2005.  However, until May 2006, prices remained high and had not yet shown declining trends despite the growing evidence of the housing market slowing with an increasing number of homes for sale for a longer period of time.  Even in Tracy and Manteca, where prices have skyrocketed to over $500,000 and $400,000, respectively, prices have not suffered from the downward pressure any harder than in the surrounding cities.  In fact, their prices have remained considerably higher than housing prices in the other cities.

Graph of the Week, June 26, 2006, Business Forecasting Center, University of the Pacific