California home sales jumped in August, but that was mostly due to a quirk in the calendar providing more business days than usual. The state's median home price dropped year-over-year for the 11th consecutive month.
Sales of so-called distressed properties — homes where the borrower was in default or where the property was in foreclosure — continued to make up more than half of California's market for previously owned homes, according to a report by the real estate information firm DataQuick of San Diego.
Sales statewide rose 8.8% in August over July and were up 10.2% compared with the same month a year earlier. A total of 34,239 properties in the Golden State sold last month; 52% of those sales were in Southern California.
"The sliver of positive news here is that, no matter how you look at it, last month's sales beat the year-ago numbers, which were pretty lousy," DataQuick President John Walsh said in a statement. "Lower prices and mortgage rates lured some home buyers off the sidelines last month, but too many others lacked the confidence to step into the game."