Industry News

‘Soft landing’ runs its course in California real estate market

Sales down 11 percent from November 2004 to November 2005

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The median price of an existing home in California in November increased 16.2 percent and sales decreased 11.2 percent compared with the same period a year ago, the California Association of Realtors trade group reported today.   "The California housing market continues to experience year-over-year double-digit price appreciation, which is consistent with our expectation that the statewide median for 2005 will increase by 16 percent over last year," said Vince Malta, CAR president.   "While year-to-date sales in November were 1.7 percent above last year's pace, we are starting to see the ...