SAN FRANCISCO (AP) – A research firm said Wednesday that buyers snapped up more than 27,500 houses and condos in California in January as the median price hit $400,000.

The number of homes sold was the highest for a January since 2013, but below the average of roughly 33,000 homes sold in the month since CoreLogic started tracking sales in 1988.

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CoreLogic research analyst Andrew LePage says the sluggish activity could be due to lack of inventory and moderately tight credit restrictions.

Home closings traditionally drop off in January and February, as people don’t like to shop over the holidays.

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The median price for a California home increased about 8 percent from $369,000 in January 2015.

The median price for a San Francisco Bay Area home was $625,500, up 15 percent from January 2015.

 

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