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by CareyBot

Existing-home sales dropped significantly in California in February, falling 15.5 percent from the same period a year ago, as inventory levels climbed and median prices continued to escalate, an industry trade group reported today. Closed escrow sales of existing, single-family detached homes in California totaled 513,745 in February at a seasonally adjusted annualized rate, down from 608,160 a year ago, according to the California Association of Realtors. Median prices increased 13.7 percent to $535,470 from $470,920 a year ago. Meanwhile, the February 2006 median price of an existing home in the state decreased 2.9 percent compared with January's $551,300 median price. The statewide sales figure represents what the total number of homes sold during 2006 would be if sales maintain...