Dec 16, 2014 4:29 PM by News Staff
IRVINE, Calif. (AP) - A research firm says California home prices cooled last month as lack of affordability and inventory kept potential buyers on the sidelines.
CoreLogic DataQuick said Tuesday that the median sales price for new and existing houses and condominiums was $381,000 in November, barely changed from 382,000 in October and up 6 percent from $360,000 a year earlier. It's the lowest annual percentage increase since March 2012.
Sales were down 12 percent from a year earlier to nearly 30,000 homes. It is the lowest November sales tally in seven years.
The San Francisco Bay area's median sales price was $601,000, unchanged from October but up 9 percent from $550,000 in November 2013. Southern California's median price was $412,000, little changed from October but up 7 percent from $385,000 a year earlier.
Copyright 2014 The Associated Press. All rights reserved.