Nov 13, 2012 1:16 PM by The Associated Press

Southern California home prices jump in October

SAN DIEGO (AP) - A research firm says Southern California home prices jumped last month, the latest evidence that the housing market's recovery is gaining momentum.

DataQuick said Tuesday that the median price for new and existing houses and condominiums reached $315,000 in October, up nearly 17 percent from the same period last year. More than 21,000 homes sold in the six-county region, up 25 percent from last year.

DataQuick says foreclosed properties made up a smaller part of the sales mix, lifting the median price. Foreclosed properties tend to sell at steep discounts.

Homes that were foreclosed upon in the previous year accounted for 16 percent of existing home sales last month, down from 33 percent last year.

Investors and second-home buyers continue to account for many of the purchases.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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