California Home Sales Drop From June To July

LOS ANGELES (CBS/AP) — If you’re struggling to sell your home in Los Angeles, the economy may be to blame. A real estate tracking firm is reporting that sales of California homes slowed last month.

San Diego-based DataQuick said Tuesday that nearly 35,000 new and resale houses and condos were sold statewide in July. That represents an 11 percent decline from June and 1.4 percent decrease from July 2010.

DataQuick says the median California home price in July was $252,000, down 0.4 percent from June and 6 percent from July last year.

The median price peaked in early 2007 at $484,000 and hit bottom in April 2009 at $221,000.

The firm says more than half of resale home sales last month were foreclosures or short sales, when a lender allows the owner to sell for less than what is owed on the mortgage.

(TM and © Copyright 2011 CBS Local Media, a division of CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2010 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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