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Southern California Home Prices Dip 2 Percent

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(credit: AP Photo/Luis M. Alvarez)

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LOS ANGELES (AP) — Southern California’s median home price dipped nearly two percent last month to $280,500 from March 2010.

San Diego-based DataQuick said Wednesday that slow job growth, tight credit conditions and a persistent hesitancy among buyers and sellers were keeping the median from appreciating over the previous year’s prices.

The median in the six-county region was up 2 percent from $275,000 in February.

Home sales fell over 5 percent from around 20,500 in March 2010 to about 19,400 last month.

Sales were up more than 35 percent from about 14,400 in February. DataQuick says sales always increase between February and March.

Foreclosures accounted for 36 percent of last month’s sales.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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