A weak economy and stringent financing conditions contributed to a slowdown in California home sales and median price during May, C.A.R. reported today.
Home sales in May declined 5.8 percent from April and 14.4 percent from the previous year. Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 471,840 units in May. The statewide sales figure represents what would be the total number of homes sold during 2011 if sales maintained the May pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
The statewide median price of an existing, single-family detached home sold in California also edged down in May to $291,760 from a revised $293,800 in April. May’s median price was down 10.9 percent from the $327,460 recorded in May 2010. From C.A.R. Newsline
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