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San Mateo County Times: Home prices dropping

Tim Simmers reports that home prices in San Mateo County fell 6 per cent in October.

Realtors often dismiss price fluctuations from one month to the next, and believe comparing October 2002 to October 2001 gives a more accurate picture of the market.

October prices slipped in Belmont, down 7 percent to $647,500 compared to October 2001, and were flat in Redwood City at $573,000 compared to the same month last year.

Luxury homes in the multimillion dollar range plunged 27 percent in Atherton to a still-lofty $3.1 million compared to October 2001.

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