The median home price in California dived 38% in November from a year earlier as foreclosures propped up sales but eroded prices, a real estate tracking firm said Thursday.
The median home price dropped to $258,000 last month from $414,000 in November 2007, San Diego-based MDA DataQuick said. A total of 32,163 houses and condominiums were sold statewide, up 26% from a year earlier.
"Indicators of market distress continue to move in different directions," DataQuick said. "Foreclosure activity is at or near record levels, financing with adjustable-rate mortgages is near the all-time low."
DataQuick said the median home price in the nine-county San Francisco Bay Area plummeted a record 44% in November to the lowest level since September 2000.