NorCal home prices dip 5 percent in March

April 14, 2011 10:40:57 AM PDT
The San Francisco Bay Area's median home price dipped more than 5 percent last month to $360,000 from $380,000 in March 2010, as low-priced foreclosures and other distressed properties continued to dominate the market.

San Diego-based MDA DataQuick said Thursday that the median in the nine-county region was up nearly 7 percent from $337,250 in February, but stressed that prices usually increase between February and March.

The depressed prices helped maintain home sales, which edged up from 7,040 in March 2010 to 7,051 last month.

The firm says that fewer than 34 percent of last month's sales were for homes costing more than $500,000, down from a March average of 47 percent over the past decade.

Foreclosures accounted for nearly 32 percent of last month's sales.

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