Southern California Home Prices Up 1 Percent

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(credit: AP Photo/Luis M. Alvarez)

LOS ANGELES (AP) — Southern California’s median home price increased less than 1 percent last month to $287,000 from November 2009, the smallest year-over-year increase since prices began to rise from their recession-era depths.

San Diego-based MDA DataQuick said Wednesday that the weak economic recovery, dormant new-home sales and tight credit conditions were keeping the median from appreciating much over last year’s prices.

The median in the six-county region was up just over 1 percent from $283,000 in October.

Home sales fell nearly 16 percent from around 19,200 in November 2009 to about 16,200 last month, their second-lowest level for a November in 18 years.

Sales declined about 3 percent from around 16,700 in October.

Foreclosures accounted for about 35 percent of last month’s sales.

(© Copyright 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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