South Bay home prices plunged in January to a level not seen for nearly five years.
The median price of an area home was $477,500 in January, according to a report released Thursday by the California Association of Realtors.
The median is the middle figure in which half of homes sold for more and half for less.
The last time the South Bay saw a median home price lower than last month's figure was in February 2004 as prices were on a furious upswing.
January's median price was 19.5 percent less than a year earlier, a milder annual drop than December of last year when the decline was 22.4 percent.
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