Industry NewsMarkets & Economy

California sales, prices sag in May

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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."The monthly decline in sales and the median home price reflect the slowdown in the economic recovery over the past couple of months, which has affected virtually all aspects of consumer spending," said CAR Chief Economist Leslie Appleton-Young in a statement. May 2011 Median Price of Existing Single-Family Homes State/region Median price Change from April (%) Change from year ago (%) ...