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San Diego home sales decline

Home sales in Southern California dropped off last month, hitting the slowest pace in five years. San Diego County led the region with a dramatic tumble in home sales. KPBS Reporter Ed Joyce has details.

A report from San Diego-based DataQuick Information Systems shows that San Diego County's home sales dropped a whopping 31-percent compared to April 2005. Andrew LePage is a DataQuick analyst.

LePage: One reason is higher interest rates have stressed affordability even more and we know we have fewer investors, speculators, active in the market today compared with the last few years. We think a fair number of people are sitting on the fence and waiting for something -either for prices to come down or just a better time to buy.

LePage says the recent figures show that the boom phase of the real estate cycle may be over. He says the median price of a San Diego home was $505,00 dollars last month, a 4.3 percent increase from April 2005. Ed Joyce, KPBS News.

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