Home Sales Decrease 22.2 Percent in November, 2006

The median price of an existing single-family home in California increased 1.4 percent in November and sales decreased 22.2 percent compared with the same period a year ago, C.A.R. recently reported.

"After fairly steep declines in sales during the first half of the year, the market appears to have stabilized at about 450,000 sales on a seasonally adjusted annualized basis," said C.A.R. President Colleen Badagliacco.

"The median price is holding steady in the $545,000 to $550,000 range, and increased just 1.4 percent last month compared with a year ago."According to the report, the median price of an existing, single-family detached home in California during November 2006 was $555,290, a 1.4 percent increase over the revised $547,870 median for November 2005.

Also last month, closed escrow sales of existing, single-family detached homes in California totaled 450,930 at a seasonally adjusted annualized rate, down 22.2 percent compared with the sales pace recorded one year earlier and up 1.7 percent from home resale activity in October.

**Taken from the California Association of Realtors Bulletin, dated December 27, 2006.