California home sales rise in December on stronger economy

SAN DIEGO (AP) – California home sales jumped in December, buoyed by a stronger economy and lower interest rates. Prices rose modestly.

CoreLogic DataQuick said Thursday that the median sales price for new and existing single-family homes and condominiums was $388,000, up 2 percent from $381,000 in November and up 6 percent from $365,000 in December 2013. It’s the 34th straight month of annual price increases, but percentage gains have been single digit since July.

About 36,500 homes were sold last month, up 24 percent from an anemic November and up 4 percent from December 2013. Sales were especially strong in the San Francisco Bay area.

Tight inventories continue to limit sales. The California Association of Realtors says the state had a 3.3-month supply of unsold single family homes last month.

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