Industry News

Real estate sales slip in California

Median prices remain higher than a year ago

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Existing-home sales cooled in California last month, the California Association of Realtors reported today, down 2.8 percent compared with October 2004. Meanwhile, the median price of an existing home in California in October increased 17.2 percent compared with October 2004. "While California is still experiencing year-over-year double-digit price appreciation, prices are starting to level off compared with the statewide peak reached in August 2005," said CAR President Vince Malta. "Regionally, the median price continues to post strong gains, with the High Desert, Riverside/San Bernardino, and San Luis Obispo regions hitting record highs last month." Closed escrow sales of existing, single-family detached homes in California totaled 621,530 in October at a seasonally adjusted annualized rate, according to information collected by CAR from more than 90 local Realtor associations statewide. Statewide home resale activity decreased 2.8 percent from the 639,570 sales pace recorded in ...