Posted on: 22nd Jan, 2014 04:12 am
According to a report by the California Association of Realtors (CAR), home sales in California were 5.9% down in 2013 than in 2012. CAR is of the opinion that higher home prices and tight inventories are mainly responsible for the decline in home sales in California.
It was noted that the sales in December 2013 were at a seasonally adjusted annual rate of 361,890 units, down 6.7% from November's pace of 387,860 units and off 18.6% from the 444,770 rate in December 2012.
Apart from this, it was also found that home prices, after falling for 3 months, rose again in December to a median price of $438,040 from November's median of $422,210.