California Median Home Price Down 40% From Last August

The San Francisco Chronicle reports:

Single-family home sales in the state rose 56.7 percent in August compared with a year ago, while the median price sank 40.5 percent to $350,140, according to the California Association of Realtors.

Maybe having Fannie Mae and Freddie Mac promoting home ownership with 4% isn't such a great idea when housing prices can go down 40% in one year.