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The Associated Press, via Forbes.com

Median price of SoCal homes plunged 24 pct to 4-year low

Southern California home prices fell 24 percent in March, almost a four-year low, according to DataQuick Information Services.  March’s six-county regional median price was $385,000, down sharply from March 2007, when the median was at $505,000.  The last time the regional median price was that low was in April 2004, when it was $380,000.

MAKING SENSE OF THE STORY FOR CONSUMERS

  • Foreclosures are driving price declines.  Riverside/San Bernardino was most affected.  Fifty-six percent of homes sold in Riverside County in March were foreclosures, which caused the area’s median price to drop 27 percent to $306,250.  San Bernardino’s median price fell 28 percent to $265,000.
  • Orange County continues to be the most expensive market in the region at $506,000, which was 20 percent below last year’s median price for March.

To read the full story, please click here:

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