by Calculated Risk on 4/18/2006 03:01:00 PM

This morning, DataQuick released their March report on the Southern California housing market: Southland passes half million mark

The median price paid for a Southern California home passed $500,000 for the first time last month as sales continued to decline, the result of higher mortgage interest rates and a real estate cycle that has passed its frenzy phase, a real estate information service reported.

On San Diego, DataQuick noted:

"San Diego County is still the market furthest along in this cycle."

DataQuick reported that prices in San Diego increased 5.7% on a YoY basis. However, for the first quarter, prices declined 2.3% in San Diego.

So far, DataQuick is only showing quarterly price declines in San Diego and Ventura counties in Southern California.