Home Prices Fall Even in Wealthy Zip Codes

February 5th, 2009

New numbers provided us by online real estate agent ZipRealty.com shows that the housing slump is begining to pinch prices even in the nation's wealthiest zip codes.

In Atherton, in Northern California, prices fell 2% to $4.1 million last year. In Newport Beach, Calif. prices fell 10% to $2.5 million. Further south, in Rancho Sante Fe, homes sold at an average of 90% of their asking price. No more price wars there.

One exception to this slide, the Highland Park neighborhood in Dallas. Prices there were up 10% to $2.2 million. Maybe that's just because the Bushes moved in.