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SoCal Home Prices Hit Record High

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Mar 14, 2006 2:37 pm US/Pacific

SoCal Home Prices Hit Record High

LOS ANGELES (AP) ― Home prices in a six-county region of Southern California hit a new record in February, even as the number of homes sold declined for the third straight month.

A real estate research firm reported Tuesday that the median price of a home in Los Angeles, San Diego, Orange, Riverside, San Bernardino and Ventura counties was $480,000 last month, up nearly 13 percent from February 2005.

La Jolla-based DataQuick Information Systems also reported that the annual rate of price increase was the lowest since March 2002.

The hottest market in the region last month was San Bernardino County where the median home price was $373,000, representing an annual increase of nearly 28 percent.

In Riverside County, the median home price rose more than ten percent to $410,000.

San Diego County saw the slowest rise in home appreciation, with median prices increasing 6.4 percent to $502,000.

(© 2006 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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