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Correction

In a story about the impact of the Facebook IPO on the local real estate market, which ran in the Feb. 8 issue, the Almanac erred in reporting the asking and sales prices of a 1,082-square-foot home in Midtown Palo Alto. According to Realtor Ken DeLeon, the house actually was listed for $1.098 million and sold for $1.3 million. That is 18 percent more than the listing price.

In addition, the story quoted Mr. DeLeon as saying Palo Alto had 19 home sales in January with all selling for at least $200,000 over the listing price. He clarified that by "sales" he meant homes that were listed and went into contract in January; not homes that had gone into contract in 2011 and closed escrow in January.

He also clarified that the average sales price of homes listed and into contract in January was more than $200,000 over the asking price, but that one home did sell for less than $200,000 over the listing price. Three others sold for $400,000 or more over the listing price.