I can tell you my experience in 90814 over the past 2 months. I have made offers on two houses - the appraisals came in at shockingly lower values. The first was 150K lower than asking price on a house under 500K and the other 60K lower on a 650 K house. Both sellers and agents are very slow to face the reality that the appraisers are seeing. With rising interest rates, the inevitability of middle class job losses due to the California budget crisis, and second wave of the housing sunami looming (which will effect middle to high end houses rather than low end like the previous subprime crisis), the objective observer is well supported to expect housing prices to continue to fall. I guess if I made my iving out of selling houses, I would try to spin it to argue that prices had bottomed out - or that houses near the coast would be immune to the economic pressures effecting housing prices everywhere else - but appraisers clearly do not agree.
If you want to get an objective evaluation of housing price trends - read what the ecomomists and financial analysits have to say - not real estate agents. Agents have too much vested interest to be objective.