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Luxury homes prices heading downwards

High-end homes are seeing prices decrease.

High-end homes are seeing prices decrease.

The Southern California luxury housing market is trending south, as the rest of the country's struggling home prices may be catching up with the area's high-end market, according to the Los Angeles Times.

The paper analyzed monthly sales data in 20 of the most affluent neighborhoods from Beverly Hills to Solana Beach, and the results revealed that 19 of the 20 areas surveyed remain below their highest home price figures. Moderately priced luxurious homes may become even cheaper in the coming months, as many experts say the market will not be prosperous again until mansion prices stop falling, a trend that could last at least another year, says the L.A. Times.

Median housing prices from affluent neighborhoods in Los Angeles, Santa Barbara and San Diego dropped close to 26 percent from their January 2008 peak to April 2010. John McMonigle, president of McMonigle Group, told the paper, "We're seeing a lot more sales in the $1 million and below range."

Opportunities are there for homebuyers with plans on moving into a high-end home for a relatively moderate price. Lower priced luxurious homes are also on the rise in Colorado, as the Denver Business Journal reported that the prices of high-end homes sold in November were down 15.5 percent.