California Home Sales Cool In October, Prices Hold Steady
SAN DIEGO (CBS/AP) — A research firm says California home sales cooled in October after a summer rally. Prices held steady.
CoreLogic Inc. said Thursday that nearly 39,200 homes sold last month — the eighth straight month of annual gains. Still, the 2 percent increase from last year was the smallest during the current streak and follows unusually robust sales from June through September.
The median price of new and existing single-family houses and condominiums was $407,500, up 6 percent from a year earlier but below seven-year highs reached over the summer. It was the 44th straight month of annual price increases.
Supplies remained tight, keeping a lid on sales. The California Association of Realtors says there was less than a four-month supply of homes for sale.
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