SoCal Home Prices Drop Nearly 35 Percent - NBC Southern California

SoCal Home Prices Drop Nearly 35 Percent

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    The median home price in Southern California dropped nearly 35 percent in December from a year ago, but home sales rose steadily as buyers snapped up low-cost foreclosures.

    It's not related to plate tectonics or fault lines, but there's a shakeup in SoCal.

    Or a shakedown.

    The median home price in Southern California dropped nearly 35 percent in December from a year ago, according to a recently published report.

    The San Diego real estate tracking firm MDA DataQuick said the median home price in a six-county region of Southern California was $278,000 last month, compared to $425,000 in December 2007. The median price for the area peaked at $505,000 in mid-2007.

    As a tarnished silver lining, home sales rose steadily as buyers snapped up low-cost foreclosures, causing the bottom dwelling dealmakers to account for 55.7 percent of December's sales in Southern California.
     
    The firm also reported new home sales plummeted and were the lowest on record for the month of December since 1988. A total of 1,813 new homes were sold last month, well below the December average of 4,926.