Even Lake Tahoe's million-dollar homes are finally feeling the real estate slump.
Average home prices in the Sierra resort fell 26 percent during 2008, to $1,018,085, according to the Nevada-based real estate firm Chase International.
Lake Tahoe-area home sales were down 16 percent from 2007, with 693 sales reported.
Incline Village had the largest price and sales volume declines in 2008, Chase reported. Sales volume was down 53 percent from 2007, while average home prices fell 20 percent to $1,296,494.
Chase reported Lake Tahoe homes priced above $1 million saw sales fall 43 percent from 2007 and "continue to take the biggest hit."
The Truckee area, however, saw an 11 percent rise over 2007 in sales of homes priced $1 million or more, the firm said.
– Jim Wasserman
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