21% decrease in home sales for april, 2006

The median price of an existing single-family home in California increased 10.2 percent in April and sales decreased 21.4 percent compared with the same period a year ago, C.A.R. recently reported.

"Sales fell this year compared with April 2005 when they hit the second-highest monthly pace on record. Concerns about the likelihood of future interest rate increases continue to influence the market," said C.A.R. President Vince Malta.

"While still near their historic lows, mortgage interest rates are at their highest level since June 2002 for fixed-rate mortgages, and August 2001 for adjustable-rate mortgages."

According to the report, the median price of an existing, single-family detached home in California during April 2006 was $562,380, a 10.2 percent increase over the revised $510,400 median for April 2005.

The April 2006 median price was essentially unchanged compared with March's revised $562,630 median price. Also in April, closed escrow sales of existing, single-family detached homes in California totaled 516,960, down 21.4 percent compared with the sales pace recorded one year earlier and down 4.1 percent from home resale activity in March.

**taken from the california association of realtors bulletin, dated june 1, 2006.