Industry News

California home sales plunge 26%

Median price continues climb as more homes sit on market

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California home sales plunged 26.3 percent in June compared to last year while the median price of an existing home increased 6.2 percent, an industry trade association reported today. Closed escrow sales of existing, single-family detached homes in California totaled 483,690 in June at a seasonally adjusted annualized rate, according to information collected by the California Association of Realtors. That was down from the 656,310 sales pace recorded in June 2005. The statewide sales figure represents what the total number of homes sold during 2006 would be if sales maintained the June 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 June 2006 was $575,800, up from the $542,330 median for June 2005, C.A.R. reported. The June 2006 median price increased 2 percent compared with May's revised $564,440 median price. "Mortgage interest rates conti...