Industry News

California real estate sales hit record pace

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The median price of an existing home in California in November increased 23.1 percent from a year ago and sales increased 4 percent during the same period to a record high, the California Association of Realtors reported today. "Sales hit an all-time high in November as consumers snapped up single-family homes at a record pace," said C.A.R. President Jim Hamilton. "The median price of a home in California continued its upward march, increasing by double-digits for the 36th month in a row to $473,260." Closed escrow sales of existing, single-family detached homes in California totaled 652,340 in November at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local Realtor associations statewide. Statewide home resale activity increased 4 percent from the 627,190 sales pace recorded in November 2003. The statewide sales figure represents what the total number of homes sold during 2004 would be if sales maintained the November pace throug...