LOS ANGELES (AP) - California home sales have tumbled to the lowest level in more than 20 years.
Many areas are posting hefty price declines as buyers meet difficulty obtaining financing for jumbo mortgages or hold off on entering the turbulent housing market.
More than 19,000 homes were purchased statewide last month, for a 41% drop from January 2007's total and down about 25% from December's sales.
The figures were released today by DataQuick Information Systems. The firm's statistics go back to 1988.
The state has seen sales decline year-over-year for 28 straight months as the once-booming housing market tanked and a credit crisis forced mortgage lenders to scale back so-called jumbo mortgages that exceed $417,000.
The decline in jumbo mortgages has made it harder for buyers to finance higher-end homes, and that's contributed to a steady decline in the state's median home price.
In January, it fell to $383,000, a drop of about 17% from $462,000 a year earlier and down about 5% from December.
The statewide median home price peaked last spring at $484,000.
Copyright 2008 The Associated Press. All rights reserved.
Many areas are posting hefty price declines as buyers meet difficulty obtaining financing for jumbo mortgages or hold off on entering the turbulent housing market.
More than 19,000 homes were purchased statewide last month, for a 41% drop from January 2007's total and down about 25% from December's sales.
The figures were released today by DataQuick Information Systems. The firm's statistics go back to 1988.
The state has seen sales decline year-over-year for 28 straight months as the once-booming housing market tanked and a credit crisis forced mortgage lenders to scale back so-called jumbo mortgages that exceed $417,000.
The decline in jumbo mortgages has made it harder for buyers to finance higher-end homes, and that's contributed to a steady decline in the state's median home price.
In January, it fell to $383,000, a drop of about 17% from $462,000 a year earlier and down about 5% from December.
The statewide median home price peaked last spring at $484,000.
Copyright 2008 The Associated Press. All rights reserved.
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