California Home Sales Up, Prices Down

Home sales were up slightly in January across California as investors flooded Southern California. Short sales and foreclosures made up more than half of the market last month. The median home price fell to $260,000, down 3.7% from a year earlier, and sales were mostly flat, increasing 0.4%.
Foreclosures, tight mortgage credit and high unemployment in the state remain significant impediments to a housing recovery, though experts warn that the first month of the year rarely is an indicator of where the market is going because of the small pool of buyers involved.

Statewide sales of previously owned and newly built homes were up 1.5% in January, marking the sixth consecutive month that year-over-year sales in California have improved. January sales fell 25.5% from December, though a decline from December to January is normal. – LA Times

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