California’s summer housing rally cooled in August, a research firm said Thursday, as tight supplies kept a lid on sales and more buyers found prices out of reach.
The median sales price for new and existing houses and condominiums was $409,000, down 1.4 percent from a 7 1/2-year high of $415,000 in July but up 4.3 percent from $392,000 in August 2014, according to CoreLogic Inc. It was the 42nd straight month of annual price gains.
There were an estimated 41,623 homes sold in the state, up 8.8 percent from 38,242 homes a year earlier, CoreLogic said.
The numbers represent a modest slowdown from early summer, when prices surged and sales were unusually robust. Sales typically increase between July and August but fell 10 percent this year.
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