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Home sales jump 54.6 percent in October

Home sales in San Diego County jumped by 54.6 percent in October, compared to the same month a year ago, while prices dropped 29.7 percent, a real estate information service reported today.

A total of 3,598 homes sold in October, up from 2,327 for October 2007, while the median price of a home in San Diego County last month was $323,500, down from $460,000 in the same month a year ago, according to La Jolla-based MDA DataQuick.

According to DataQuick, home sales in the six-county Southern California region in October soared by 66.7 percent over the same month last year, reaching their highest level for any month this year.

“You could easily imagine a meaningful decline in sales last month, given the seasonal norm and the dire financial news that potential buyers had to ponder in September,’' said John Walsh, MDA DataQuick president. “But we have yet to see any big, sudden drop in the number of transactions closing escrow. It tells us there were a lot of very serious buyers in the market during late summer and early fall - buyers who consider housing a relatively

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good buy or investment.’'

A total of 21,532 new and resale homes sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was up 5 percent from 20,497 in September and up 66.7 percent from 12,913 in October 2007.

The median price of a Southern California home was $300,000 in October - a 67-month low. The media price was down 2.8 percent from $308,500 in September and down 32.6 percent from $445,000 in October 2007.