Industry News

California real estate sales slip 15% in December

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Most cities and counties in California experienced a drop in median home prices in December compared to the same month in 2005, according to data on new and existing condo and single-family home sales. Existing single-family home sales in the state fell 15.3 percent in December compared to December 2005, the California Association of Realtors reported today. Total existing single-family home sales were down 23.6 percent for the full year in 2006 compared to the prior year, according to preliminary C.A.R. statistics, which is the lowest level in 10 years. There were an estimated 477,330 sales in 2006, according to the preliminary statistics, which is the 11th-highest level on record dating back to 1970 and is the lowest annual sales total since 1997, when 446,700 sales were recorded.While the market was expected to slow in 2006, the drop in sales "was one of the larger declines that we have seen," said Robert Kleinhenz, deputy chief economist for the association. A 7 percent decline i...