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Welcome back to the Real Estate newsletter. A few newsletters ago, I posed an innocent question: Are home prices finally falling?

I wasn’t expecting an answer so soon, but thanks to a fresh batch of data, I can confirm that, yes, Southern California home prices are officially falling.

Prices are generally supposed to peak during summer, but the median sale price dropped by $10,000 from May to June. It might not seem that notable, but the last time the median price dropped from May to June was back in 2010.