California Home Prices Cool In August

SAN DIEGO (AP) — California home sales and the median price cooled in August compared to the previous month.

The real estate research firm DataQuick said Friday that the 42,546 new and resale homes and condos sold last month was down 1.9 percent from July and the median price of $361,000 was down .6 percent.

Both measures, however, were up from August 2012, when sales totaled 41,280 and the median price was $281,000.

DataQuick said August was the 18th consecutive month in which the state's median sale price rose year-over-year.

Short sales accounted for 13.2 percent of the homes that resold last month, down from 14.4 percent in July and 26.4 percent a year earlier.

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