On January 17th, I posted A little window on the Sac metro housing market, about a gated Centex community outside Sacramento that has dropped prices from over $800k to the $500s (the highest "sold" price I've seen was $961k). Now, less than 2 weeks later, prices have dropped again to $490s-$607s.
The entry-level model, the 3555, has dropped from $771k to $491k, a $280k reduction, more than 4x the median household income of $65k/year. That is a 36% decline in asking prices. Zillow has only a little info on the community, but they do show a sale in December for $500k, well off the then-listed price of $671k.
Now, with a mere 15% down (or 20% down and some upgrades) entry-level buyers in Black Oak can qualify for a conforming loan (under $417k). It's almost plebian. I hope the early million-dollar-home (give or take) buyers can stand rubbing elbows with the half-million-dollar home commoners and their government loans.
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