Southern California Home Prices Stabilize

For the first time in 10 months, the median home price in Southern California in February didn’t decline from the prior month, the La Jolla, Calif., firm said. The median price for a home sold in the counties of Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange last month was $250,000. While that was down 39% from February 2008, it was unchanged from January.

Foreclosures continue to dominate the market. Sales of bank-owned properties accounted for 56% of total home resales in February, MDA DataQuick said.

Source: MDA DataQuick

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