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San Diego’s Median Home Price Drops to $280,000

Home sales in San Diego County jumped by 34.7 percent  in January, compared to the same month a year ago, while prices dropped 34.7  percent, a real estate information service reported today.

A total of 2,459 homes sold in January, up from 1,826 for January 2008,  while the median price of a home in San Diego County last month was $280,000,  down from $429,000 in the same month a year ago, according to La Jolla-based  MDA DataQuick.

According to DataQuick, home sales in the six-county Southern California  region in January jumped by 52.5 percent over the same month last year, while  home prices dipped 39.8 percent to $250,000.

"We've heard a lot of talk, regarding the decline in home values, about  how `no one wants to catch a falling knife,"' said John Walsh, MDA DataQuick  president. "But for months we've seen quite a flurry of sales activity in many  inland areas where prices have fallen more in line with local incomes. We can  only assume that many first-time buyers, investors and others buying in these  areas have concluded it's not worth trying to time the price bottom perfectly.  They're happy to lock in substantial discounts relative to the peak."

A total of 15,227 new and resale homes sold in Los Angeles, Riverside,  San Diego, Ventura, San Bernardino and Orange counties last month. That was  down 23.6 percent from 19,926 in December and up 52.5 percent from 9,983 in  January 2008.

The median price of a Southern California home was $250,000 in January.  The median price was down 10.1 percent from December and down 39.8 percent from  $415,000 in January 2008.

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