The median price for homes in Southern California took a slight dip from the same time last year as slow job growth, tight credit and persistent hesitancy among buyers and sellers kept it from appreciating over the previous year's prices, a tracking firm reported Wednesday.
This March's price in the six-county region was 1.6 percent lower than the number for March 2010, or a drop to $280,500 from $285,000, said DataQuick. The latest number was up 2 percent from $275,000 in February, the San Diego-based company said.
The number of home sales fell 5.2 percent from 20,476 in March 2010 to 19,412 last month. Sales posted a 35.1 percent increase from 14,369 in February, but DataQuick stressed that sales always increase between February and March.
Last month's sales count was 21.4 percent below the average of 24,706 average median for every March since 1988, when the firm's statistics begin.
DataQuick president John Walsh said the numbers from what is usually the start of the homebuying season don't bode well for the rest of the year.
"As an indicator of upcoming trends, the month of March is actually pretty reliable," he said. "We got off to a slow start with sales this year, and it doesn't look like that will change anytime soon."
Foreclosures accounted for 36.4 percent of last month's sales, down from 37 percent in March and down from 38.3 percent a year earlier, the firm said.
Short-sale transactions, where lenders
allow homes to be sold for less than what is owed on them, accounted for 18.5 percent of last month's sales, down from 19.6 percent in February, but up from 18 percent last year.Walsh said the market would be dealing with the backlog of distressed properties for the foreseeable future and that prices could decline further if the overall employment picture doesn't improve.
Isla Fisher Angela Marcello Lauren Bush Malia Jones Malin Akerman
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