California June home sales slumping - KTVN Channel 2 - Reno Tahoe News Weather, Video -

California June home sales slumping

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By ROBERT JABLON
Associated Press

LOS ANGELES (AP) - California home sales continued to slump last month compared to a year earlier as buyers faced tight supply and continued rising prices.

Real estate research firm DataQuick says 39,254 homes and condos were sold in June. That was up 4 percent from May - a typical seasonal rise - but it was nearly 20 percent below average for all Junes since 1988.

In fact, DataQuick says sales haven't topped the average for any particular month in more than eight years.

DataQuick analyst Andrew LePage says new homes aren't being built, fewer lower-priced distressed homes are on the market, and would-be buyers don't have as much access to big, risky loans.

LePage says while home prices may continue to rise in the near future, the pace of the increase may slow.

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