California sales, prices sag in May

Inventories of all but priciest homes up from year ago

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Sales of existing single-family homes in California fell 5.8 percent from April to May to a seasonally adjusted annual rate of 471,480 units, according to statistics collected by the California Association of Realtors from 90 Realtor associations and multiple listing services.

That’s a 14.4 percent decline in sales from the same time a year ago, when federal homebuyer tax credits were still in effect.

At $291,760, the median sale price of existing single-family homes in California during May was down 0.7 percent from April and 10.9 percent from a year ago.