The median price of single-family detached resale homes in California dropped 32 percent while home sales rose 2.5 percent year-over-year in April, the California Association of Realtors reported today. The median price dropped from $594,110 in April 2007 to $403,870 in April 2008, the association reported, while sales rose from a seasonally adjusted annual rate of 357,640 in April 2007 to 366,720 in April 2008. This sales rate is a projection of a monthly sales total over a 12-month period, adjusted to account for seasonal fluctuations in sales activity. In April 2007 homes for sale under $500,000 accounted for 40 percent of all sales and homes priced from $500,000 to $1 million accounted for 45 percent of all sales. That shifted in April 2008, with homes under $500,000 accounting for 64 percent of all sales and homes from $500,000 to $1 million accounting for 26 percent of all sales, the association reported. The association's Unsold Inventory Index, which gauges the nu...
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