Homee sales increased 2.5 percent in April in California compared with the same period a year ago, while the median price of an existing home fell 32 percent, C.A.R. reported Friday.
"Home sales registered a 2.5 percent year-to-year gain compared with April 2007, ending a 30-month string of year-to-year percentage decreases that began in October 2005," said C.A.R. President William E. Brown. "This is not to say that the credit crunch that has contributed to the sales decline has disappeared. Both tighter underwriting standards and the ongoing effects of the credit/liquidity crunch continue to constrain sales."
Closed escrow sales of existing, single-family detached homes in California totaled 366,720 in April at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity increased 2.5 percent from the revised 357,640 sales pace recorded in April 2007.