SAN DIEGO — California home sales declined in July compared to the same time last year as buyers struggled to find something they could afford in the tight market, a research firm said Thursday.
Statewide 39,608 new and resale houses and condos sold in July – an 8.7 percent drop from July 2013, CoreLogic DataQuick said.
The rate of rising year-over-year prices also is no longer at double-digit rates like last summer.
“The more spectacular annual price gains of a year ago – over 20 percent – seem far back in the rearview mirror now,” said CoreLogic DataQuick analyst Andrew LePage. “Looking ahead, such double-digit price jumps seem unlikely unless there’s a burst of pent-up demand, perhaps triggered by more robust income growth, a loosening of mortgage credit or a significant move in interest rates.”