California sales, prices up in December

Inventory down 32% year-over-year

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California’s resale housing market was unseasonably brisk in December, the California Association of Realtors reported Friday, with sales of existing homes rising 1.7 percent and median home prices climbing 8.4 percent year-over-year.

"Historically, the median price declines November through February and then rises in March. However, lean inventory, historically low interest rates, and incentives for homebuyers have resulted in California’s housing market experiencing non-seasonal variations," said Leslie Appleton-Young, the state association’s vice president and chief economist, in a statement.