SoCal Median Home Price Drops 35 Percent
Tuesday, December 16, 2008
A real estate tracking firm says the median home price in a six-county region of Southern California fell 35 percent in November from a year ago.
More than half of those who bought preowned homes and condos seized on bargain-priced foreclosed properties.
In its report Tuesday, San Diego-based MDA DataQuick says the median price for homes and condos tumbled to $285,000 last month from $435,000 in November 2007.
November's median was the lowest since April 2003.
There were 16,720 homes sold in the region last month, up 27 percent from the year-ago period.
Foreclosures accounted for 55 percent of sales of preowned homes and condos in November, up from 19 percent in November last year.
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