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SoCal Median Price Falls Again

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April sales figures are out from the number crunchers at Data Quick and just lookee at how things have changed in two years. "Across the Southland, the median price paid for all homes combined last month was $247,000, down 1.2 percent from $250,000 in March and down 35.8 percent from $385,000 a year ago." According to the press release, the median price is more than 50 percent below the peak $505,000 median seen in spring/summer 2007. Foreclosures continue to dominate the lower end of the market and sales in the high end of the market continue to be sluggish (in part because no one is financing the jumbo loans needed to buy more expensive properties). If you're a real estate agent in Malibu, you're likely bringing a bag lunch to work. "Sales of existing houses remained at or near record lows for an April in markets such as Beverly Hills, Malibu, Palos Verdes Peninsula, Manhattan Beach and Pacific Palisades." [Data Quick]