California Home Sales Post Solid Gains In August

SAN DIEGO (AP) – California recorded its strongest August for home sales in three years as prices rose modestly, providing fresh evidence of sustained gains in the housing market.

CoreLogic said Tuesday that more than 43,500 new and existing houses and condominiums sold last month. That’s up 5 percent from the same period a year earlier to its highest mark for August since 2013.

The median sales price was $432,000, barely changed from $430,000 in July and up 6 percent from August 2015. It was the 54th straight month that prices have increased from a year earlier, though gains have moderated over the last two years.

A six-county swath of Southern California posted its highest August sales tally in a decade.

CoreLogic analyst Andrew LePage says job growth and low interest rates fueled gains.

Copyright 2016 The Associated Press.

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