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California home sales jump 65 percent
Foreclosures accounted for 51 percent of preowned homes sold in Sept.
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updated 4:38 p.m. ET Oct. 21, 2008
LOS ANGELES - A real estate tracking firm says home sales in California jumped 65 percent in September from a year ago, as homebuyers seized sharply discounted foreclosed homes and other properties.
Figures released Tuesday by MDA DataQuick show the surge in more affordable homes helped drive the statewide median home price down to $283,000, a drop of about 34 percent from $430,000 in September last year.
In all, 40,317 homes were sold last month. That's up about 6 percent from August sales.
Foreclosure resales accounted for 51 percent of preowned homes sold last month.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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