Median home price drop in San Francisco Bay area

LOS ANGELES (AP) -- A research firm says home prices in the San Francisco Bay area plunged 31.8 percent in August.

MDA DataQuick says in its report Thursday that the median price for new and resale homes and condos in the nine-county area fell to $447,000 last month, from $655,000 in August 2007.

The figure also marks a decline from $470,000 in July.

There were 7,232 new and resale homes and condos sold during the month, down 0.9 percent from August 2007.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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