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Inland Empire Business News August 13, 2014.001
Inland Empire Business News August 13, 2014.001

State home sales are sluggish

Sales of single-family homes in California totaled 376,480 in November, down 5.3 percent from October and down 3.4 percent year-over-year, according to data released Wednesday by the California Association of Realtors.

Monthly home sales have now been below 400,000 since November 2013, despite slower price gains and the lowest interest rates in two years.

“Mismatched expectations between sellers and buyers still exist in most markets,” said Chris Kutzkey, preside of the Los Angeles-based association, in a statement. “Prospective buyers facing affordability constraints recognize the sliding housing market and are looking for deals, while many sellers are still reluctant to adjust their listing prices to reflect the moderation of price gains in recent months.”

The median price of a single-family home in California last month was $445,280, down 1.1 percent from October but up 5.2 percent year-over-year. Median prices have been climbing year-over-year for more than two years, but the price gains have narrowed during the past few months, according to the association.

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