California Home Prices Decline Slightly In August

SAN DIEGO (AP) – A research firm says California’s summer housing rally cooled in August as tight supplies kept a lid on sales and some buyers found prices out of reach.

CoreLogic Inc. said Thursday that the median sales price for new and existing houses and condominiums was $409,000, down from a 7 1/2-year high of $415,000 in July but up more than 4 percent from August 2014.

More than 41,600 homes sold throughout the state, up 9 percent from a year earlier.

The numbers represent a modest slowdown from early summer, when prices surged and sales were unusually robust.

In Southern California, the median price rose 4 percent from last year to $438,000. The median price in the San Francisco Bay area rose 6 percent to $650,000.