Southern California home prices keep going down
California Housing Crash, The Economy, Real Estate July 16th, 2008
The pain for homeowners in Southern California continues. According to AP via Yahoo Finance:
Southern California home prices drop 29.3 percent in June from last year
SAN DIEGO (AP) — Southern California home prices plunged 29.3 percent in June compared to a year ago, a research firm said Wednesday.
DataQuick Information Systems said the median price for new and resale homes and condominiums stood at $355,000 last month in a six-county region, down from $502,000 in June 2007.
The median price fell 4.1 percent from $370,000 in May.
Driven by the sale of foreclosed homes, sales picked up from May to hit a 10-month high, but last month’s tally still marked the slowest June since DataQuick began keeping statistics in 1988.
The June average is 28,488 sales, with the peak reached in 2005 when 40,156 homes sold.
