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by CareyBot

The rate of single-family existing-home sales in California fell 25 percent in May compared to sales for that month last year, while building permits issued for single-family homes declined 40.1 percent, state Realtor and builder trade groups reported this week. The California Association of Realtors reported a seasonally adjusted annualized rate of 366,370 closed escrow sales of existing single-family detached homes in May, compared to a record sales rate of 488,260 in May 2006. This sales rate is a projection of a monthly sales total over a 12-month period, adjusted for seasonal variations in sales activity. Building permits issued for new single-family homes dropped to 7,164 in May from 11,969 sales in May 2006, the California Building Industry Association reported. During the first fiv...