So Cal Home Price Up by 1%

Source: Associated Press/AP Online
Publication date: November 16, 2010

LOS ANGELES – Southern California’s median home price increased 1.1 percent last month to $283,000 from October 2009, as up-market homes kept the median from appreciating much over last year’s prices, a tracking firm said Tuesday.San Diego-based MDA DataQuick said in a report Tuesday that last month’s median increase from the previous year’s $280,000 was the smallest since the median began rising year-over-year in December.

The median in the six-county region fell 4.2 percent from $295,000 in September.

DataQuick President John Walsh said banks remained unwilling to write loans for many high-end homes, which is keeping them out of the sales mix.

“Lenders still haven’t opened the mortgage money spigot for buying move-up or prestige properties,” he said.

The firm said 20.2 percent of all sales last month were for $500,000 or more, down from a monthly average of 26.4 percent over the last decade.

DataQuick also said home sales fell 24.3 percent from 22,132 in October 2009 to 16,744 last month, their lowest level for an October since 2007. Sales declined about 7.4 percent from 18,091 in September.

Foreclosures accounted for 34.7 percent of last month’s sales, up from 33.6 percent in September, but down from 40.4 percent a year ago.

A service of YellowBrix, Inc.