Northern California home prices plunge in June

From the Associated Press

10:45 AM PDT, July 17, 2008

SAN DIEGO -- A research firm says home prices in the San Francisco Bay area plunged 27.1 percent in June to the lowest level since March of 2004.

DataQuick Information Systems says in its report Thursday that the median price for new and resale homes and condos stood at $485,000 last month, down from the market peak of $665,000 in June 2007.

The figure also marks a decline from $517,000 in May.

Sales in the nine-county area fell to a 15-year low for June. There were 7,178 new and resale homes and condos sold during the month, up nearly 16 percent from May but down 10 percent from June 2007.

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