California home prices rise in December

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SAN DIEGO (AP) — A research firm says California home prices posted a 10th straight annual increase in December.
DataQuick said Wednesday that the December median sales price was $299,000, up 22 percent from the same period of 2011.
There were nearly 40,000 homes and condominiums sold during the month, up 5 percent from a year earlier.
DataQuick says much the price increase is the result of changes in the sales mix. Foreclosed homes, which tend to sell at deep discounts, are drying up.
Properties that were foreclosed upon in the previous year accounted for 16 percent of existing home sales in December, down from nearly 60 percent in early 2009.