LOS ANGELES (AP) — Southern California’s median home price fell more than 8 percent last month to $280,000 from May 2010, its largest year-to-year drop in 20 months.
San Diego-based DataQuick said Monday that buyer uncertainty, tight credit and lackluster hiring were restraining housing demand.
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The median in the six-county region was unchanged from April.
Home sales dropped more than 17 percent from around 22,300 in May 2010 to about 18,400 last month.
The sales figure was largely unchanged from April.
Foreclosures accounted for 33.4 percent of last month’s sales, down slightly from 33.8 percent in April and 33.9 percent a year earlier.
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