SAN DIEGO (AP) — A research firm says California home sales surged in December, capping a year of steady sales growth and modest price gains.

CoreLogic said Wednesday that the median price for new and existing single-family homes and condominiums reached $415,000, matching highs of last summer and the peak of the last housing cycle in 2007. It was the highest annual price gain in percentage terms since July.

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There were more than 40,200 homes sold in the state, an increase of 27 percent from November and a gain of 13 percent from December 2014.

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CoreLogic says loan disclosure requirements introduced in October may have delayed some sales to December, contributing to the spike.

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