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 five months of the year compared to the same period last year, new single-family home sales shrank 70.3 percent in the Merced metro area, 67.8 percent in Madera, 62.2 percent in El Centro, 49.2 percent i...
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