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Southern CA homes prices stabilizing

Real Estate analysts say Southern California home prices are stabilizing after several years of double digit increases. The average home price climbed just over one percent last month in the six county Southern California Region. La-Jolla based Dataquick tracks real estate trends around the state. Analyst John Karevoll says the latest numbers indicate the housing market is cooling.

Karevoll: Sales counts are going to be strong but not record breaking, and prices appear to have reached a plateau.

The average price of a home in southern California is now $493,000. Prices actually fell a percent in San Diego last month. Karevoll says while prices inched up, the number of sales fell nearly 18 percent compared to the same month last year.

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