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Jul 17, 2008 2:11 pm US/Pacific

Calif. Home Prices Drop Whopping 31.5%

LOS ANGELES (AP) ― Housing data show the median price of a home in California plummeted 31.5 percent in June compared with the same month last year.

DataQuick Information Systems says in a report released Thursday the statewide median home price last month was $328,000. The statewide median home price peaked in May 2007 at $484,000.

The decline is being driven by tightening mortgage markets and a growing willingness by sellers to accept less for their homes, as well as a surge in sales of discounted foreclosed properties.

The firm says a total of 35,202 homes were sold statewide in June, down nearly 8.1 percent from a year earlier.

About 41.9 percent of the resold homes in June were foreclosed properties.

(© 2008 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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