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HOUSING NEEDS <br />HOUSING PRICES AND AFFORDABILITY <br />Housing Prices <br />This decade has seen unparalleled changes in the housing market. Fueled by <br />historically low interest rates, overly flexible lending, and pent -up demand for <br />housing, the prices of single - family homes soared. Between 2000 and 2007, the <br />median sales prices increased 300 percent; since then housing prices have fallen <br />by about 50 percent. Shown in Chart A -16, the recent market decline has caused <br />prices of single- family homes to drop to $350,000 and condominium prices to <br />drop to $150,000 (2012 price levels). <br />$700 PP Single-family <br />Chart A -16: Housing Price <br />Trends in Santa Ana $say Condominium <br />Prices in Thousands of Dollars <br />Source: DataQuick, 2013. $500 <br />5400 <br />$300 <br />$200 <br />$100 <br />S0 <br />2000 2001 2002 2003 2004 <br />JV14 <br />2005 2006 2007 2008 2009 2010 2011 <br />CITY OF SANTA ANA GENERAL PLAN HOUSING ELEMENT <br />2012 <br />