Hat tip fred hooper.
December 2007 numbers based on price per square foot are posted at Kerndata.com.:
The following data is a historic representation of average price per square
foot for single family residences sold between July 1994 and December 2007 in
While average home price is an interesting barometer, price per
square foot is more accurate in determining sales trends. Please keep in mind
that the numbers are derived from currently "worked" sales by the Kern County
Assessor's office and may not reflect recent activity
We are now at $138 per suare foot. That is 24% below the peak of $183 per square foot.
Also, sales volumes are so low you need to go back to February 1998 to find a lower month. This now represents the 16th month, out of the past 18 months where the price per square foot has been in decline (or flat).
These numbers do not include inflation or incentives, if they did the numbers would be even worse. If you look at the chart, the long term trend in price per square foot should be somewhere around $100-$105 per square foot.