Southern California Home Sales Drop 14 Percent

LOS ANGELES (AP) — A tracking firm says home sales in Southern California fell nearly 14 percent last month from August 2009 to reach their lowest level for the month of August since 2007.

San Diego-based MDA DataQuick said in a report released Tuesday that the drop was the result of a weak job market and a lack of urgency among potential buyers.

The six-county region saw about 18,500 sales last month, compared to around 21,500 in August 2009. August's sales were down about 2 percent from roughly 19,000 in July.

DataQuick also said the median home price in Southern California rose about 5 percent last month from August 2009.

Last month's median of $288,000 was up from the year-ago figure of $275,000 but down about 2 percent from $295,000 in July.

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

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