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Business Briefing / Real Estate

Home prices fall 7.3% in the state

October 27, 2009|Times Wire Reports

Single-family home prices in California dropped 7.3% in September from a year earlier, helping boost the number of houses sold, the California Assn. of Realtors said.

The median price for a previously owned detached house fell to $296,090 from $319,310 a year earlier, the Los Angeles group said in a statement. The price rose 1.1% from August, the seventh consecutive month-over-month increase.

Sales of foreclosed homes accounted for 42% of transactions involving previously owned properties in California in August, research company MDA DataQuick said.

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