Southern California home prices match 6½-year high as market cools, sales remain sluggish

Economic Indicators Associated Press

A research firm says Southern California home prices climbed to their highest levels in more than 6½ years last month even as increases cooled and sales remained sluggish.

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DataQuick said Tuesday that the median price of new and existing houses and condominiums was $415,000 in June, up 8 percent from the same period last year to match the highest level since January 2008. It marks the 27th straight month of annual increases but ends a 22-month streak of double-digit annual gains in percentage terms.

Nearly 20,700 homes sold in June, up 6 percent from May but down 4 percent from June 2013. Sales typically increase between May and June.