California Home Prices Drop Nearly 15 Percent

A real estate research firm reports the median price of a home in California tumbled nearly 15% amid a steep drop in sales in December.

DataQuick Information Systems says the median price fell to $402,000 last month, down 14.8% from $472,000 in the year-ago period.

Meanwhile, home sales in the state, 1 of the hardest hit in the nation by the mortgage crisis, plummeted 41.4% to 25,585 compared to December 2006.

It was the lowest sales total for any December in more than 20 years.

A quote from DataQuick president Marshall Prentice:

“It looks like anybody who can, is waiting this thing out. Which of
course means that the activity we are seeing right now is largely stressed
and atypical. Today’s numbers form a lousy basis for trending and
forecasting. We’re in the midst of turbulence and we won’t know what really
has been going on until things have settled down and we can look back.”

Full report available at www.dqnews.com