Home sales statewide surge amid price drops
- Share via
Home sales in California surged 13.6% in August as a flood of foreclosures tugged down prices.
The figures released Thursday by MDA DataQuick showed 37,988 new and previously owned homes were sold statewide last month, up 13.6% from August 2007 but down 3.8% from July.
The firm said 46.9% of all homes sold last month were foreclosed properties. That helped send the statewide median home price plunging 35.3% to $301,000 during the year ended in August.
In the Bay Area, the median price plunged 31.8% last month to $447,000, from $655,000 in August 2007.
There were 7,232 new and resale homes and condos sold in the nine-county area last month, down 0.9% from August 2007.
Sales were restrained by difficulty obtaining credit for the region’s high-priced homes, MDA DataQuick President John Walsh said.
“Mortgage availability will eventually loosen up; we just don’t know when, especially after the past few days,” he said.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
