Sales down but prices, inventory rise in California

Sales of existing homes in California in June fell 24.7 percent from a year ago, but median prices still eked out a slight gain for the year.

Existing, single-family detached homes sold at a seasonally adjusted annual rate of 364,284, compared to 483,690 homes per year last June, the California Association of Realtors reported.

The median sales price was $594,260, up 3.2 percent from for June 2006, and an increase of .2 percent over May's $592,780 median price.

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