Feb 13, 2014 4:34 PM by ASSOCIATED PRESS
SAN DIEGO (AP) - A research firm says California homes sales have dropped sharply due to a seasonal slump and a lack of affordable homes on the market.
San Diego-based DataQuick says 25,832 homes were sold in January - down 26.1 percent from December and 10.5 percent from January of last year. Sales were the lowest for any January since 2008.
The median home price of $353,000 was down around 3 percent from December but up nearly 22 percent from January 2013.
DataQuick analyst Andrew LePage says the December-to-January slump was normal but the year-to-year dip was due mainly to a lack of low- and middle-priced homes. There are fewer foreclosures and LePage says many people who are underwater on their mortgages aren't willing to sell.
Higher home prices also are crimping sales.
(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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