The median home price in Southern California fell 34% in August from last year, a research firm said Wednesday.This decline seems to be exaggerated due to a shift in the mix of houses being sold. One should not assume that individual homes have declined in price by 34%.
The cost of new and resale homes and condos dropped to $330,000 last month in a six-county region.
It was down from $500,000 in August 2007 and down 5.2% from $348,000 in July, MDA DataQuick said. ...
MDA DataQuick president John Walsh said much of the sales activity has been logged in lower-priced inland areas where the market has been driven by foreclosures. ...
Foreclosures accounted for almost 46% of all resold properties last month, up from 10% in August 2007 and almost 44% in July.
Saturday, September 20, 2008
Southern California Home Prices Plummet
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