Industry News

Real estate sales slump in California

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California existing-home sales slipped 17.6 percent from December 2004 to December 2005 while median prices jumped 15.6 percent to $548,430, the California Association of Realtors reported today. Closed escrow sales of existing, single-family detached homes in California totaled 531,910 in December 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 decreased 17.6 percent from the 645,860 sales pace recorded in December 2004. The statewide sales figure represents what the total number of homes sold during 2005 would be if sales maintained the December pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales. The median price of an existing, single-family detached home in California during December 2005 was $548,430, a 15.6 percent increase over the $474,270 median for December 2004, C.A.R. reported. The December ...