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.
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