Industry News

California home sales drop 29%

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Single-family home sales in California declined 28.7 percent in October compared to the same month last year, the California Association of Realtors reported Tuesday. The median sales price of existing single-family homes slipped 1.5 percent since September but rose 2 percent in the state compared to October 2005, the association also reported. "While it appears that home sales have stabilized over the past three months, it's too soon to say whether or not the market has bottomed out," said Colleen Badagliacco, association president, in a statement. "We do expect smaller year-over-year declines in home sales for the remainder of the year. Badagliacco noted that price trends are varied at the regional and county level, "with some areas posting year-to-year declines while others continue to register price gains compared with last year." Closed escrow sales of existing, single-family detached homes in California totaled 443,320 in October at a seasonally adjusted annualized rate, ac...