Home Prices Up Slightly - NBC 7 San Diego

Home Prices Up Slightly



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    Southern California's median home price increased less than 1 percent last month to $287,000 from November 2009, the smallest year-over-year increase since prices began to rise from their recession-era depths.

    San Diego-based MDA DataQuick said Wednesday that the weak economic recovery, dormant new-home sales and tight credit conditions were keeping the median from appreciating much over last year's prices.

    The median in the six-county region was up just over 1 percent from $283,000 in October.

    Home sales fell nearly 16 percent from around 19,200 in November 2009 to about 16,200 last month, their second-lowest level for a November in 18 years.

    Sales declined about 3 percent from around 16,700 in October.

    Foreclosures accounted for about 35 percent of last month's sales.