Southern California's median home price drops below $300,000
The November median sales price falls 34.5% from a year ago, and bargain seekers are on the hunt.
The median price of a Southern California home dropped to $285,000 in November, falling below $300,000 for the first time since 2003, a real estate information service reported today.
The November median sales price was down 34.5% from the same month a year ago, and 43.6% from the peak of $505,000 set in several months of 2007, according to San Diego-based MDA DataQuick. Forcelosures comprised 54.6% of Southern California homes sold in November.
In Los Angeles County, the November median sales price of $340,000 was down 31.9%% from November 2007.
The large inventory of foreclosed houses continued to both bring down prices and drive sales, as lower prices lure buyers. In the foreclosure-heavy Inland Empire, the November median price fell 43.9% in San Bernardino County from a year ago, to $185,250. In Riverside County, the November median sales price was down 38.3% from a year ago, at $220,000.
"Bargains and bargain hunters have kept this market alive through some of the bleakest financial news in memory. There's this renewed sense that you can score a 'deal' - something that had been missing for many years," said MDA DataQuick President John Walsh.
Orange County's November median price of $ 400,000 remained the highest in Southern California but was down 31.4% from the prior year.
San Diego County recorded a slightly smaller November drop than the rest of the Southland -- its median price for November was down 30.7% from a year ago, to $305,000. Ventura County's November median of $355,000 was down 31.9% from a year ago.
peter.hong@latimes.com
