Industry News

Home sales plunge 21% in California

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Sales of existing homes in California dropped 21.1 percent in May, while the median price increased 8 percent, according to an industry report. Closed escrow sales of existing, single-family detached homes in California totaled 488,260 in May at a seasonally adjusted annualized rate, down from 618,920 during the same month a year ago, according to the California Association of Realtors. The statewide sales figure represents what the total number of homes sold during 2006 would be if sales maintained the May 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 May 2006 was $564,430, an 8 percent increase over the revised $522,530 median for May 2005, C.A.R. reported. The May 2006 median price increased 0.5 percent compared with April's revised $561,750 median price. It was the first time since November 2001 that the median price did not increase by...