California's property values dropped far more than those in other states when the housing bubble burst and recession hit, but they remain among the nation's highest, according to a new Census Bureau report.
The report, based on data from the American Community Survey, says that the median value of residential property plunged from $461,400 in 2007-09 to $358,800 in 2010-12, a $102,600 decline that was approached only by the $99,400 drop in Nevada. The national decline was $17,300.
Despite the drop in California, the state's median home value is still the nation's third highest, behind only Hawaii's $503,100 and the District of Columbia's $436,000.
Meanwhile, the Census Bureau calculated that California's Silicon Valley — San Jose-Sunnyvale-Santa Clara — now has the highest median home value of any metropolitan area at $624,800, followed by the San Francisco-Oakland-Fremont region's $568,900 and the Los Angeles-Long Beach-Santa Ana area at $442,000.
However, the major California metropolitan regions also were among those with the steepest declines during the recession.
PHOTO: Homes were for sale on 11th Ave. in Land Park on May 10, 2011 in Sacramento, Calif. The Sacramento Bee/Paul Kitagaki Jr.