H-SOUTHERN CALIFORNIA

Feb 15, 2012 2:04 PM by Associated Press (SR)

Southern California home sales rise in January

SAN DIEGO (AP) - A research firm reports home sales rose slightly in Southern California last month as falling prices continued to attract bargain-hunters.

DataQuick said Wednesday that more than 14,500 homes sold in a six-county region in January, up 0.4 percent from the same period last year.

The median price for new and existing houses and condos fell to $260,000, down nearly 4 percent from January 2011. It was the lowest price since May 2009.

The San Diego-based research firm says more than half of existing home sales were foreclosed on in the last year or short sales - transactions in which the price is less than what is owed on the property.

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 This material may not be published, broadcast, rewritten or redistributed.)

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