Industry News

California sees further decrease in home sales

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Home sales decreased 29.9 percent in July in California compared to the same period a year ago, while the median price of an existing home increased 5.1 percent, according to a report released today. Closed escrow sales of existing, single-family detached homes in California totaled 453,980 in July at a seasonally adjusted annualized rate, the California Association of Realtors reported. That was down from the 647,910 sales pace recorded in July 2005. The statewide sales figure represents what the total number of homes sold during 2006 would be if sales maintained the July 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 July 2006 was $567,360, a 5.1 percent increase over the revised $539,840 median for July 2005, C.A.R. reported. The July 2006 median price decreased 1.5 percent compared with June's $575,800 median price. The median number of ...