Southern California real estate

DQNews - Southern California Press Release: "Southland passes half million mark
April 18, 2006
La Jolla,CA----The median price paid for a Southern California home passed $500,000 for the first time last month as sales continued to decline, the result of higher mortgage interest rates and a real estate cycle that has passed its frenzy phase, a real estate information service reported.
The median price paid for a home in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties was $501,000 last month. That was up 4.4 percent from $480,000 in February and up 14.1 percent from $439,000 for March a year ago, according to DataQuick Information Systems.
The regional year-over-year increase in median has varied from 12.9 percent to 17.0 percent the last 12 months. Last month's increase ranged from 5.7 percent in San Diego County to 23.2 percent in San Bernardino County.
'We still expect the annual increase in median to go down into the single digits sometime this summer. San Diego County is still the market furthest along in this cycle. Price increases there have been below ten percent the last eleven months,' said Marshall Prentice, DataQuick president.
A total of 29,509 new and resale Southland homes were sold last month. That was up 48.2 percent from 19,905 in February and down 9.7 percent from 32,674 for March last year.
An increase from February to March is normal for the season. Sales have declined on a year-over-year basis the last 4 months. "
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