Is California's Housing Market Taking a Breather?

Oct 17, 2013 6:48 PM

(AP) - A research firm says California housing prices cooled last month as inventories grew and investor interest waned.

DataQuick said Thursday that the median sales price for new and existing houses and condominiums was $355,000, up nearly 24 percent from the same period last year. It was the 10th straight month of annual percentage gains above 20 percent, but the median fell by $6,000 from August.

There were more than 36,000 homes sold in the state, up nearly 6 percent from a year earlier. It's the highest September sales tally since 2009.

The California Association of Realtors says there was a 3.6-month supply of unsold single-family homes in the state last month, up from 3.1 months in August.

Here in the North State, housing prices have risen quite a bit despite the market cooling in recent weeks. Local market stats show the median home price in Chico now at around $271,000, up about 18 percent for the year. In Redding, the median price has risen to $211,000, up 24 percent for the past 12 months.


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