Monday, January 19, 2009

So.Cal Median Home Price Drops Nearly 35 Percent

The median home price in Southern California fell almost 35 percent in December from a year ago, but home sales rose steadily as buyers snapped up low-cost foreclosures, according to new information released by MDA DataQuick.

According to the company, the median home price in a six-county region of Southern California was $278,000 last month, compared to $425,000 a year ago at that time. The median price for the area peaked at $505,000 in mid-2007.

Foreclosures accounted for 55.7 percent of December's sales in the region.

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