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 November 20, 2009

Home Prices on the Rise in San Diego
San Diego County's home sales rose by 2 percent in October, compared to October of last year, while prices were higher by about half a percent. 3,670 homes were sold in the county, compared to about 3,600 last year. The median sales price for homes, meanwhile, came in $1,500 higher than a year ago at $325k, according to the La Jolla based real estate tracking firm MDA Dataquick.
Across the six county region of Southern California, 22,130 homes were sold, up nearly 3 percent from both September totals and October 2008. The median sales price for the region, $280k, was about 6.6 percent lower than a year ago, though higher than September by just under 2 percent.

Analysts say that the government is largely to thank for the stabilizing in the housing market. Its homebuyer tax credits have encouraged on-the-fence buyers to enter the market, while its various programs to control interest rates and encourage lenders to ease standards have helped housing affordability and reduced foreclosures. The government's tax credit for first time buyers was recently extended and expanded to include a $6,500 credit for existing owners who buy a new home valued at $800,000 or less.