Foreclosures helped fuel the sharpest decline in California housing prices in at least 20 years last month, and that's attracting an influx of first-time buyers who had been priced out of the market or were waiting for prices to bottom out.
The median home price in California plunged 30% to $339,000 in May, the steepest decline for any month going back to 1988, when DataQuick Information Systems began keeping records.
Home buyers are now seeing median prices they haven't seen since February 2004, when the price was $322,500, the firm said Wednesday. The statewide median home price, the point at which half the homes sold for more and half for less, peaked at $484,000 in May 2007.
Friday, June 20, 2008
Median home price in California drops 30% in May From May of 2007
The L.A. Times reports:
