Sales down, prices rise in California

Resale home prices rise for 11th straight month

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Sales of existing single-family homes in California fell in September compared to the same period a year ago, according to a report by the California Association of Realtors.

The seasonally adjusted annualized rate for sales was 466,580 last month — a 12.2 percent drop from September 2009, which had a revised 531,180 sales rate. Meanwhile, last month’s sales rose 3.8 percent from August’s revised rate of 449,290. The association’s figures are based on closed escrow sales.