Update on the Region's Home Sales

Bargain prices and low interest rates helped Southern California home sales surge 20.5% last month over November, but activity lagged far behind that of December 2009.

San Diego based MDA DataQuick said 19,528 homes sold last month in the 6-county area, up from 16,208 sold in October but down 12.5% from the 22,328 sold a year ago.

Sales have increase an average of 12.9% since DataQuick began compiling statistics in 1988, the firm said.

"Ultra-low mortgage rates, coupled with lower prices, gave the market a boost this fall, helping to explain the above-average gain in closings between November and December," DataQuick President John Walsh said. "We will see the potential for sales to perk up this spring if rates stay low and brighter economic news lifts consumer confidence."

The region's median home price increased 0.3% to $290,000 last month from $289,000 in December 2009 and grew 1% from $287,000 in November, stated DataQuick.

In Los Angeles County, homes sales tumbled 14.9%, from 7,679 sold in December 2009 to 6,536 last month. The median price fell 2.7%, from $339,000 to $330,000.

Neighboring Ventura County saw a 15.1% dip in sales, from 896 to 761. Prices remained stagnant, edging up from $289,000 to $290,000.

The firm said the sluggish job market and tight credit conditions were keeping the median from appreciating much over the previous year's prices.

The median was also being tugged down by weak sales of new homes, which reached their lowest level for a December since DataQuick began keeping records.

Note: This article originally provided by The Associated Press