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SD Home Sales Jump 25%, Median Price Declines

Home sales jumped 25 percent in San Diego County in  March, compared to the previous month, but the median price declined by 3  percent, according to a housing report released today.

There were 1,671 detached homes sold in San Diego in March, compared to  1,343 in February, according to Multiple Listing Service statistics provided by  the San Diego Association of Realtors.

The median sales price for a detached home in March was $325,000,  compared to $335,000 the previous month, according to SDAR.

The trend was similar for attached homes. There were 836 attached homes  sold in San Diego in March, compared to 664 the previous month. The median  price of an attached home in March was $175,750, compared to $185,000 in  February.

SDAR President Erik Weichelt said he hopes next month's statistics will  show an even greater increase as first-time buyers take advantage of an $8,000  federal tax credit.

"We're delighted to see the jump in the number of sold listings in the  past month," Weichelt said. "March is the first month in 2009 where sold  listings increased from the previous month."

According to SDAR, the number of detached homes sold in San Diego soared  51 percent in the first quarter of 2009, compared to the same period last  year, but the median home price plummeted by the same percentage.

There were 4,584 detached homes sold in San Diego in the first quarter  of 2009, compared to 2,970 during the same period last year, according to SDAR.  There were 2,338 attached homes sold in the region in the first quarter of the  year, compared to 1,549 during the first quarter of 2008.

The median price of a detached home in San Diego in the first quarter of  this year was $326,700, compared to $450,000 a year ago. The median price of  attached homes was $185,000 in the first quarter of 2009, compared to $295,000  in the first quarter of last year.

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