For Sale

Business & Real Estate
By Elliot Spagat, Associated Press
September 17, 2015

San Diego–

California’s summer housing rally cooled in August, a research firm said Thursday, as tight supplies kept a lid on sales and more buyers found prices out of reach.

The median sales price for new and existing houses and condominiums was $409,000, down 1.4 percent from a 7 1/2-year high of $415,000 in July but up 4.3 percent from $392,000 in August 2014, according to CoreLogic Inc. It was the 42nd straight month of annual price gains.

There were an estimated 41,623 homes sold in the state, up 8.8 percent from 38,242 homes a year earlier, CoreLogic said.

The numbers represent a modest slowdown from early summer, when prices surged and sales were unusually robust. Sales typically increase between July and August but fell 10 percent this year.

“I hate to put too much emphasis on a month-to-month change, but what stood out most was the sales slowdown from July to August,” said CoreLogic analyst Andrew LePage. “It’s most likely worsening affordability and tight inventory.”

The state had a 3.6-month supply of unsold single-family homes in August, according to the California Association of Realtors, well below what is considered a normal supply of five to seven months. In the San Francisco Bay Area, there was only a 2.3-month supply of unsold homes.

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