SoCal Home Price Rise for First Time in Two Years

A tracking firm says the median home price in Southern California increased nearly 1 percent in May from April, the first month-on-month increase in nearly two years.

The price increase reported Wednesday by San Diego-based MDA DataQuick comes after four months when prices remained essentially unchanged.

Last month's median home price of $249,000 in a six-county region of Southern California was almost 33 percent lower than the May 2008 median price of $370,000.

DataQuick also says home sales increased nearly 23 percent from a year ago. Foreclosures accounted for about half of the May sales.

Copyright AP - Associated Press
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