Calif. Median Home Prices Plummets 38%

A real estate tracking firm says California home sales rose sharply last month, but the median price plummeted 38 percent from a year earlier.

La Jolla-based MDA DataQuick reported today that the state's median home price dropped to $249,000 last month from $402,000 in December 2007.

The firm says nearly 38,000 houses and condos were sold in California last month, up 18 percent from November and 48 percent from December 2007.

The increased sales were driven by foreclosure properties, which accounted for 58 percent of existing homes sold last month.

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