Calif. Home Sales Drop In November

SAN DIEGO (AP) — A research firm says California home sales slid last month amid tight supplies, while prices increased.

DataQuick said Tuesday that there were 33,429 homes sold in November, down 11 percent from the same period last year.

The median sales price was $360,000, up nearly 24 percent from the same period last year and up less than 1 percent from October. It was the 12th straight month of annual price gains above 20 percent.

Lack of inventory is keeping a lid on sales. The California Association of Realtors says the state had a 3.6-month supply of unsold single-family homes in November. Supply in a normal market is considered five to seven months.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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