January Home Prices Edge Down In Southern California

LOS ANGELES (AP) — Southern California's median home price dipped nearly 1 percent last month to $270,000 from January 2010.

San Diego-based MDA DataQuick said Tuesday that record-low new-home sales, tight credit conditions and a persistent reluctance among would-be buyers were keeping the median from appreciating over the previous year's prices.

The median in the six-county region was down about 7 percent from $290,000 in December.

Home sales fell nearly 6 percent from around 15,400 in January 2010 to about 14,500 last month, their lowest level for a January since 2008.

Sales were also down 26 percent from about 19,500 in December.

Foreclosures accounted for 37 percent of last month's sales.

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