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San Diego Home Sales, Prices Plummet Again

A real-estate tracking firm says San Diego County home sales dropped 12 percent last month, compared to the year before. KPBS reporter Andrew Phelps has details.

San Diego Home Sales, Prices Plummet Again

A real-estate tracking firm says San Diego County home sales dropped 12 percent last month, compared to the year before. KPBS reporter Andrew Phelps has details.

May is traditionally a busy sales month, but not last month. It was the county's slowest May since 1995.

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Andrew LePage of DataQuick Information Systems says there's a lot of talk about hitting bottom. But he expects the market will get worse before it gets better.

LePage: Before we get serious about talking about bottom, we really need to see the sales volume turn around a lot more and see you know a string of months where sales are coming up over year-ago levels, and we're just not there yet. My hunch is that it's going to be a pretty uneven road to recovery.

LePage says three dark clouds are still looming: a credit crunch, a subprime mortgage crisis, and an overall slow economy.

Prices also dropped sharply. San Diego County's median was $380,000 dollars in May. A year ago, it was $492,000.

Andrew Phelps, KPBS News.