Industry News

California home sales hit largest slide since 1982

Median price ekes out 1.6% annual growth

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Home sales were down 30.1 percent in August compared to the same month last year, the California Association of Realtors trade group reported today, while the median existing-home price rose 1.6 percent to $576,360. "We experienced the greatest year-to-year sales decline last month since August 1982, when sales fell 30.4 percent," said Vince Malta, C.A.R. president, in a statement. "This is another indication that we're in the initial stages of a long-anticipated adjustment in the market. Some home sellers, he said, " are still clinging to price expectations that are no longer valid in today's market." Closed escrow sales of existing single-family detached homes in California totaled 442,150 in August at a seasonally adjusted annualized rate, according to information collected by C.A.R. from about 90 local Realtor associations statewide. The statewide sales figure represents what the total number of homes sold during 2006 would be if sales maintained the August pace throughout the y...