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NorCal Home Prices Jump 7 Percent

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Nov 19, 2009 10:17 am US/Pacific

NorCal Home Prices Jump 7 Percent

SAN FRANCISCO (CBS 5 / AP) ―

Click to enlarge 1 of 1: A sign indicating a reduced price is posted in front of a home for sale in East Palo Alto.
AP

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A tracking firm says the median home price in Northern California jumped nearly 7 percent last month from September.

San Diego-based MDA DataQuick said in a report released Thursday that the increase was due to a dip in foreclosures and an uptick in sales within high-end markets.

The firm says the median for the nine-county area increased to $390,000 last month from $365,000 in September. The median was up 4 percent from $375,000 in October 2008.

DataQuick also says more than 7,900 homes were sold in the region in October, up about 1 percent from September and more than 4 percent in October 2008.

Foreclosures accounted for about 32 percent of the region's home sales.