by Calculated Risk on 4/12/2007 04:43:00 PM

From DataQuick: Slow sales, record median for Southland homes

Southern California's housing market continued to send contradicting messages in March. Sales remained at a ten-year low while the median sales price increased to a new peak. The rise in median is in part due to a drop-off in sales of entry-level homes, a real estate information service reported.

A total of 21,856 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was up 23.6 percent from 17,680 for the month before, and down 32.4 percent from 32,320 for March last year, according to DataQuick Information Systems.

Last month's sales were the lowest for any March since 1997 when 20,024 homes were sold. ...

The median price paid for a Southland home was $505,000 in March, a new record and the first time it was above $500,000.