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Calif. Home Prices Drop 4 Percent In December

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(Credit: AP)

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LOS ANGELES (AP) — California’s median home price declined nearly 4 percent last month to $254,000 from $264,000 in December 2009, as low-priced foreclosures and other distressed properties continued to dominate the market.

San Diego-based MDA DataQuick also said Thursday that the state’s median was nearly flat from $255,000 in November.

Home sales fell about 13 percent from around 41,800 in December 2009 to about 36,200 last month. But last month’s sales jumped about 15 percent from around 31,400 in November.

Foreclosures accounted for about 38 percent of last month’s sales, up from nearly 38 percent in November and down from around 41 percent in December a year ago.

(© Copyright 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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