Industry News

California real estate sales fall 15%

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The sales rate of existing single-family homes dropped 15.1 percent while the median price of an existing home in California increased 13 percent in March compared to March 2005, the California Association of Realtors reported today. The statewide sales figure is a projection of a monthly sales total over a 12-month period, adjusted to account for seasonal factors that can influence home sales. Condo sales dropped 23 percent from March 2005 to March 2006, while condo prices increased 8.7 percent from March 2005 to March 2006 and dropped 0.4 percent from February 2006. Closed escrow sales of existing, single-family detached homes in California totaled 539,170 in March 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 from the 634,700 sales pace recorded in March 2005, the trade group reported. The median price of an existing, single-family detached home...