Industry NewsMarkets & Economy

California sees dwindling home sales, prices

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Although February home sales across Southern California and the San Francisco Bay Area picked up from January, they posted huge declines from a year ago and median prices tumbled. According to real estate information service DataQuick, home sales last month in the six-county Southern California region limped along at the slowest pace ever for a February -- with just 10,777 new and resale houses and condos changing hands. That's a 39 percent decrease from the 17,680 sales reported in February 2007, but an 8 percent jump from 9,983 sales in January 2008. The median price paid for a home in the region, which comprises Los Angeles, Orange, Riverside, San Diego, Ventura and San Bernardino counties, fell to $408,000 last month, down a record 17.6 percent from $495,000 a year ago. The sharp decline in the median reflects two things: depreciation, especially in areas rife with foreclosures, and a substantial shift in the types of homes selling, DataQuick reported. Most notable in ...