California News

May 14, 2014 4:55 PM by ASSOCIATED PRESS

California home price gains slow in April

SAN DIEGO (AP) - A research firm says California home prices increased at a slower pace in April compared to a year earlier as inventories improved. Sales fell but less dramatically than in previous months.

DataQuick Inc. said Wednesday that the median sales price was $383,000, up 2 percent from March and up 18 percent from April of 2013. Prices have been rising for 26 months now - but this was the first time in nearly 1 ½ years that the increase was less than 20 percent.

Nearly 38,000 homes and condominiums were sold in the state, down 3 percent from a year earlier.

The latest figures from the California Association of Realtors show that California had a four-month supply of homes for sale in March, compared to a 2.9-month supply a year earlier.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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