BUSINESS BRIEFING / REAL ESTATE
California home sales rose sharply last month, but the median price plummeted 38% from a year ago as bargain hunters scooped up foreclosure properties, MDA DataQuick reported.
The state’s median home price dropped to $249,000 last month from $402,000 in December 2007, DataQuick said. The median price is the point at which half the homes sold for more and half sold for less.
The La Jolla tracking service said 37,836 houses and condos were sold in California last month, up 18% from November and 48% from December 2007.
Foreclosure properties accounted for 58% of existing homes sold last month, up from 24% a year earlier.
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