Industry News

California home sales drop 28% in August

Median prices fall in most cities compared to last year

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Resale single-family median home prices fell in 11 of 20 regions in California while sales dropped 27.8 percent in August compared to the same month last year, the California Association of Realtors trade group reported this week. Median single-family existing-home prices increased 2 percent statewide in August compared to August 2006, despite falling in most regions. Meanwhile, the statewide median price in the entry-level price range of less than $500,000 dropped 5.1 percent in August to $349,360 compared to $368,210 in August 2006. And the median price per square foot for a single-family home fell 4.3 percent this year to $336 compared with last year's record high of $351 per square foot, the association reported. August median home prices for all types of homes in the state, including new and existing single-family homes and condos, dropped in about 74 percent of the 326 cities and city areas tracked compared to August 2006, according to statistics provided by DataQuick Information...