CA: Sales Down, Median Price Up
Released this week by the California Association of Realtors (CAR) were the housing numbers for California in the month of May. Home sales decreased 25 % in May in California compared with the same period a year ago, while the median price of an existing home increased 4.8%.
Closed escrow sales of existing, single-family detached homes totaled 366,370 at a seasonally adjusted annualized rate. Statewide home resale activity decreased 25% from the 488,260 sales pace recorded in May 2006.
The median price of an existing, single-family detached home in California was $591,180, a 4.8% increase over the revised $563,860 median for May 2006. The May 2007 median price decreased 1.1% compared with April’s revised $597,640 median price.
Other Highlights of C.A.R.’s resale housing figures for May 2007:
C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in May 2007 was 10.7 months, compared with 6 months (revised) for the same period a year ago.