Report: Housing Cheaper In California Now Than 10 Years Ago

A report by MarketWatch indicates housing prices in California have still not recovered from when the real estate bubble popped rather loudly in 2007.

That may be hard to swallow for Bay Area residents, who are paying astronomical rents and mortgages. But taken in total, the value of homes in the state has not recovered from the downturn a decade ago, according to the report.

In 2007, the annual median value of a home in California was $532,300, compared to $509,400 in 2017, a 4.3 percent drop. Neighboring Nevada saw a 17.1 percent drop, the largest in the nation, during the period. 

In recent weeks news outlets including the Mercury News and San Francisco Chronicle have reported on declining real estate prices.