The median California home prices for July 2007 and July 2008 were released by CAR (California Association of Realtors), and based on statistics from new and existing condos and single family homes, the report indicated the movement in sales prices.
On the Westside, the median home price increased 20% from July 2007 to July 2008. Although the substantial increase in value may be influenced by the low sales volume, the Westside has been able to stay above the current market trend. There clearly has been no indication of significant value deterioration.
Full article: http://www.car.org/economics/historicalprices/2008medianprices/July2008medianprices/