California home sales fall in July amid tight supplies

FILE - In this Aug. 15, 2015 file photo, a for sale sign is posted in front of a home in Miami. Standard & Poor’s releases its 20-city home price index for July on Tuesday, Sept. 29, 2015. (AP Photo/Lynne Sladky, File)

SAN DIEGO (AP) – A research firm says California home sales cooled last month amid tight supplies and prices that are out of reach for many potential buyers.

CoreLogic Inc. said Thursday that nearly 42,000 homes sold in July, down 11 percent from June and down 10 percent from the same period a year ago. That’s partly because this year had fewer business days in July than last year, but it also reflects a much slower market than last summer’s.

The median sales price in July was $432,000, little changed from $435,000 in June and up 4 percent from $415,000 a year earlier. It marks the 53rd straight month that prices have risen from a year earlier, though increases have moderated in the last two years.

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