Housing data show the median price of a home in California plummeted 31.5 percent in June compared with the same month last year.
DataQuick Information Systems says in a report released today the statewide median home price last month was $328,000. The statewide median home price peaked in May 2007 at $484,000.
The decline is being driven by tightening mortgage markets and a growing willingness by sellers to accept less for their homes, as well as a surge in sales of discounted foreclosed properties.
The firm says a total of 35,202 homes were sold statewide in June, down nearly 8.1 percent from a year earlier.
About 41.9 percent of the resold homes in June were foreclosed properties.
