Calif.: Monthly real estate sales drop 16%

But pace soars 64% above last year's mark

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The median price of single-family homes in California dropped 39 percent year-over-year in March, while the sales pace soared 63.8 percent, the statewide Realtor group reported.

The California Association of Realtors also reported that the single-family median price rose 2.2 percent from February 2009 to March 2009 while the monthly sales pace slid 16 percent.