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 November 22, 2009

Median Home Price in California Reaches High Point
As of October, the median home price throughout the state of California was set at $257,000. This marks the highest reported price point in nearly a full year. In information reported by The San Diego-based firm, DataQuick, this price is seen as a sign of a sustaining recovery of the housing market. The median price showed an increase of $6000 over the September price. The current median price, although showing a substantial increase, is nearly 7% under the price of $276,000 recorded in October of 2008. On a positive note, the current price reflects the smallest previous year decline in the past 2 years.
For the first time in three years, the median home price in San Diego County is set at $325,000, which is up one-half percent when compared to last year.

The president of DataQuick sited the reasons for the increase being availability of fewer foreclosures and more higher-priced home sales throughout October. Foreclosures accounted for just over 40% of home sales across the state. This was the lowest percentage reported since May of 2008. Foreclosure sales rates accounted for just over 35%, down from nearly 49% last year.

Across California there were over 41,000 homes sold in October. This figure is nearly 3% over September yet down just over 2% from 2008.