Golden state dips

California's median home price dipped slightly in August, down 0.4per cent from July. It's now $249,000, down from $250,000 in July...

The state's median home price had been up for the preceding three months, according to MDA DataQuick. Sales were also down 11.7per cent from July, to 39,811 units.

The flattening sales could well be the result of fewer foreclosed homes hitting the market because of Government or voluntary moratoriums. Foreclosures have long been the hottest segment of the housing market in California. July had also been a relatively strong home sales month.

Source: Los Angeles Times