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California home price gains slow in April

SAN DIEGO (AP) -- A research firm says California home prices increased at a slower pace in April as inventories improved. Sales fell but less dramatically than in previous months.

DataQuick said Wednesday that the median sales price was $383,000, up 2 percent from $376,000 in March and up 18 percent from $324,000 in April 2013. It was the 26th straight month of annual increases but the first time in nearly 1{ years that it was below 20 percent.

Nearly 38,000 new and existing single-family homes and condominiums sold in the state, down 3 percent from a year earlier. It is the smallest annual decline in seven months.

The latest figures from the California Association show the state had a four-month supply of homes for sale in March, compared to a 2.9-month supply a year earlier.

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