For the first time in the current housing downturn, the majority of Southern California homes sold in October — 51% — had been foreclosed, a real estate information service reported today.

The median sales price for homes fell to $300,000, a level not seen since 2003 and a 41% drop from the peak price set in the spring and summer of 2007, according to MDA DataQuick of San Diego. Los Angeles County’s median home sales price was $355,000, down 29% from a year ago. Sales in L.A. County were up 56% from a year ago.

Low prices continued to draw bargain-hunting buyers. The total of 21,532 houses and condominium units sold in Los Angeles, Orange, San Bernardino, Ventura, Riverside and San Diego counties was up 67% from the same month a year ago.

The good news is that buyers are coming in to snatch up homes at bargain prices.