Local Home Prices Jump - NBC 7 San Diego

Local Home Prices Jump

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    Property values in San Diego County did something last month they haven't done for quite a while.

    Property values in San Diego County did something last month they haven't done for quite a while.

    Although median home price in Southern California dropped 39 percent in February from a year ago, according to MDA DataQuick, they actually increased in San Diego County.

    The median home price in a six-county region of Southern California plunged to $250,000 last month, compared to $408,000 in February 2008. In San Diego, however, the median home price rose $5,000 month-to-month, going from $280,000 in January 2009 to $285,000 last month. Year-to-year, prices fell from $415,000 in February 2008,  a drop of 31.3 percent.

    The median price for Southern California peaked at $505,000 in mid-2007.
         
    Foreclosures accounted for more than 56 percent of February sales in Southern California.