California home sales surge in December, capping strong year

Jan 20, 2016 7:40 PM by News Staff

SAN DIEGO (AP) - A research firm says California home sales surged in December, capping a year of steady sales growth and modest price gains.

CoreLogic said Wednesday that the median price for new and existing single-family homes and condominiums reached $415,000, matching highs of last summer and the peak of the last housing cycle in 2007. It was the highest annual price gain in percentage terms since July.

There were more than 40,200 homes sold in the state, an increase of 27 percent from November and a gain of 13 percent from December 2014.

CoreLogic says loan disclosure requirements introduced in October may have delayed some sales to December, contributing to the spike.

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