Southern California median price holds steady

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For the third month in a row, the median home sale price in Southern California was $250,000, MDA DataQuick reports today.

This is the first time since the median price began its free-fall in 2007 that the price has held steady for two consecutive months. In March and April of 2008, the median price remained $385,000 -- but the slide resumed in May and continued until January 2009.

Like many of the commenters on this blog, DataQuick notes high-end prices haven’t dropped as much as the foreclosure-heavy lower end of the market. The median price could rise if a larger number of expensive homes sell, but that would not necessarily signal a market recovery. Prices could keep falling at the high end, prompting more sales, which would raise the median. But the high-end market could continue to soften as the rising median gives the appearance of a recovery.

DataQuick estimates high-end prices have only fallen half as much as those at the low end.

-- Peter Y. Hong