California home sales drop to 4-year August low

Sep 11, 2014 5:26 PM by News Staff

IRVINE, Calif. (AP) - The number of California homes sold in August fell to the lowest level in four years as a supply crunch pushed prices higher and kept homes out of reach for many buyers.

The real estate research firm CoreLogic DataQuick reports Thursday that around 37,000 houses and condos were sold.

The statewide median sales price for a home was $393,000 - a jump of nearly 10 percent from August of 2013. Still, the increase was much slower than the double-digit hikes recorded in the past couple of years.

CoreLogic DataQuick analyst Andrew LePage says that's probably because issues with affordability are starting to bite.

Supply remained tight, partly because the recovering housing market meant fewer foreclosed properties are available.

LePage says construction of new homes hasn't taken up the slack.

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