California News

Mar 15, 2013 3:30 PM by Associated Press

CA home prices dip, but research firm says trend still positive

LOS ANGELES (AP) - California homes sales dipped slightly last month and so did prices but the state still seems on the road to recovery after a five-year housing slump.

Real estate research firm DataQuick says 28,719 homes were sold in California in February. That was down a half-percent from January and about 3 percent from February 2012.

However, DataQuick says January-to-February sales generally are flat.

The median sales price was $289,000, down fractionally from a month earlier but up nearly 21 percent in year-over-year sales.

In fact, February was the 12th straight month in which the price jumped when compared to the same month a year earlier.

DataQuick says the California market shows several healthy indicators: foreclosures are well below peak levels and financing with multiple mortgages is low.

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