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by CareyBot

Home sales were down 30.1 percent in August compared to the same month last year, the California Association of Realtors trade group reported today, while the median existing-home price rose 1.6 percent to $576,360. "We experienced the greatest year-to-year sales decline last month since August 1982, when sales fell 30.4 percent," said Vince Malta, C.A.R. president, in a statement. "This is another indication that we're in the initial stages of a long-anticipated adjustment in the market. Some home sellers, he said, " are still clinging to price expectations that are no longer valid in today's market." Closed escrow sales of existing single-family detached homes in California totaled 442,150 in August at a seasonally adjusted annualized rate, according to information collected by C.A.R. ...