Industry News

Golden State home sales dive

Unsold inventory indicates buyer's market

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The rate of existing-home sales decreased 31.7 percent in September compared to September 2005, the California Association of Realtors trade group reported today, while the statewide median price for an existing single-family detached home increased 1.8 percent to $553,050. The September 2006 median price declined 4 percent since August. Closed escrow sales of existing, single-family detached homes in California totaled 444,780 in September at a seasonally adjusted annualized rate, according to information collected from about 90 local Realtor associations. The rate projects the monthly sales total for a 12-month period, adjusted for seasonal fluctuations that typically affect home sales. C.A.R.'s Unsold Inventory Index for existing, single-family detached homes in September 2006 was seven months, compared with 3.2 months (revised) for the same period a year ago, the association noted. The index indicates the number of months needed to deplete the supply of homes on the market at th...