Will 2010 bring the "new normal" to California real estate?

I had something more light planned for today — an insanely fun post brimming with whimsical imagery and clever metaphors.

OK. No I didn’t. But, if I didn’t have a full dance card of appointments and escrows begging to be opened, I could have done better than this.

From California Association of Realtors (little “R”) Vice President and Chief Economist Leslie Appleton-Young, here is a dose of runner-up fun showing California housing price trends dating back to 1970.

CAPriceTrends
According to James Liptak, President of CAR (and as recovered from my spam folder this morning):

The upshot is that, statewide, we can expect the median home price to rise 3.3 percent to $280,000 in 2010, while sales will moderate to a more sustainable pace, posting a 2.3 percent decrease next year. 2010 should mark the beginning of a “new normal” for California’s housing market, and likely will feature a steady stream of sales driven by distressed properties in the low end of the market, coupled with moderate home-price appreciation.

Honestly, that sounds about right.

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