IE Business Daily Business news for the Inland Empire.
January was a slow month for California’s housing market.
An estimated 25,325 new and resold houses were sold statewide last month, a 30.6 percent drop compared with December and a two percent decline year-over-year, according to CoreLogic DataQuick, which released its monthly state housing report Wednesday.
Historically, last month was particularly weak.
Since 1988, the year CoreLogic DataQuick began collecting housing data, the January average for home sales is 31,177, or 18.8 percent higher than last month.
On the price side, the news was a little more positive.
The median price of a single-family home last month in California was $376,000, down 3.1 percent from December but up 6.5 percent compared with January 2014, a high enough increase to eliminate some potential buyers from the market.
Last month was the 35th consecutive month in which the state’s median home price rose year-over-year, CoreLogic DataQuick stated.
Prices have dropped slowly since July 2013, when the year-over-year price increase reached its peak of 29.2 percent.
Only 6.7 percent of houses sold last month were foreclosed on during the past year, down from 7.7 percent during the first month of 2014. Short sales were also down 6.3 percent statewide during that time, according CoreLogic DataQuick.
