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Southern California Home Prices Drop 5 Percent In June

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(credit: AP Photo/Luis M. Alvarez)

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LOS ANGELES (AP) — Southern California’s median home price dipped five percent last month to $285,000 from June 2010, its fourth consecutive year-over-year decline in as many months.

But San Diego-based DataQuick also notes in its report Tuesday that June’s median increased nearly 2 percent from $280,000 in May to reach its highest level since December.


DataQuick’s Andrew LePage Chats With KNX 1070

Home sales fell 14 percent from around 23,900 in June 2010 to about 20,500 last month, but were up almost 12 percent from around 18,400 in May.

That month-to-month boost was nearly twice the average increase seen between May and June.

Foreclosures accounted for 33 percent of last month’s sales, down slightly from 33.2 percent in May, but up from 32.8 percent a year earlier.

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 This material may not be published, broadcast, rewritten or redistributed.)

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