California Home Sales Drop, Driven By Low Inventory

San Francisco HomeA real estate research firm says California home sales plunged in July compared to the same time last year as buyers struggled to find something they could afford in the tight market.

CoreLogic DataQuick said Thursday that about 40,000 new and resale houses and condos sold statewide in July. That’s down 8.7 percent from July 2013.

The firm says a total of about 8,500 new and resale houses and condos sold last month In the nine-county San Francisco Bay area. That’s down 9.3 percent from about 9,400 in July last year.

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